India's giant power company, Jindal Power Ltd, has exited a deal that would have seen it operate Petroleos de Venezuela's PdVSA key installations for processing heavy crude oil for export
India’s giant power company, Jindal Power Ltd, has exited a deal that would have seen it operate Petroleos de Venezuela ’s PdVSA key installations for processing heavy crude oil for export, Bloomberg has reported. In May, Jindal entered into a joint venture with PdVSA in the Petrocedeno project located in the oil-rich Orinoco Belt. The $300 million deal to renovate and upgrade equipment was Jindal ’s first foray into the oil sector.
eased some sanctions on Venezuela but kept sanctions on PdVSA in place. issued a new license allowing certain transactions related to the export or re-export of liquefied petroleum gas LPG to Venezuela until July 8, 2025. However, transactions with Petróleos de Venezuela, S.A., the Venezuelan state-owned oil and natural gas company in which PdVSA has a 50 percent or greater interest, remain prohibited under the sanctions imposed by various executive orders. The
announcement came a few weeks before Venezuela’s disastrous elections. Maduro and his representatives tampered with the results of the election falsely claimed victory, and carried out widespread repression to retain power.
Crude Oil Venezuela Orinoco Energy Crude Imports Sanctions
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