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News Brief | July 2015

Venezuelan partner says ONGC can get pending $537 million dividend within a year of arranging $1 billion credit

ONGC can receive the pending $537 million dividend within a year of it arranging $1 billion in credit to develop San Cristobal oil field that it jointly owns with Petroleos de Venezuela S.A. (PDVSA), the head of the Venezuelan state oil firm has said. PDVSA chief Eulogio Del Pino met oil minister Dharmendra Pradhan in a bid to resolve the long-drawn tussle between the two firms.

State-owned ONGC and PDVSA have been quarrelling over what comes first - dividend or financing and ONGC has delayed financing due to lack of clarity on dividend payment for its 40 per cent share of the oil field.

´In one year, pending dividend will be repaid. The issue of dividend will be resolved once the financing to develop the oil field is obtained. I expect a solution to the dispute within a month,´ Del Pino said.

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