The chief executive of ONGC Videsh, India’s second-largest oil and gas company, on Sunday confirmed talks between India and the U.S. State Department are underway to allow the company to settle past debts by trading Venezuelan oil cargoes. CEO A.K Gupta told Reuters in Houston ahead of the CERAWeek by S&P Global energy conference that “it’s only logical” for an agreement because the proposal would not provide payment to U.S. sanctioned Venezuela’s government. Oil cargoes were assigned by Venezuelan state oil company Petroleos de Venezuela (PDVSA) to ONGC Videsh and France’s Maurel & Prom, a partner in another Venezuelan joint venture, for debt payment, Reuters reported earlier this month. Any transfer would require U.S. approval. read more Talks on the proposed oil-for-debt exchange are being handled by the U.S. Department of State and India’s U.S. embassy, CEO Gupta said. ONGC Videsh, the international arm […]