ONGC Videsh led-group to hike investment in Venezuela

State-run ONGC-led consortium plans to invest another USD 2.2 billion in Venezuela's oil sector.
    
"ONGC Videsh with an Indian consortium proposes to invest USD 2.2 billion in the Carobobo project (in Venezuela)", an official statement said today.
     
ONGC Videsh has already invested USD 350 million and intends to pump in an additional USD 500 million in the San Cristobel oil field there. Other Indian state run companies are also eying the Venezuelan market, it said.
    
While state-run gas firm GAIL is considering exploring opportunities in the natural gas value chain in the Latin American country, BPCL is keen to explore opportunities to export base oil to Venezuela and its marketing, it said.
    
Minister of State for Commerce and Industry Jyotiraditya Scindia is currently on a visit to the oil rich nation, heading an official and business delegation.
   
The statement also said: "Engineers India Limited (EIL) would like to provide its design and engineering services in the hydrocarbon sector".
    
Besides, the Indian Government has forwarded a proposal to Venezuela to participate in a refinery joint venture project in Odhisa with the Indian Oil Corporation, it added.
    
During his discussions with the Vice Minister for Foreign Affairs of Venezuela, David Velasquez, Scindia expressed satisfaction that the  bilateral trade which has grown 12 times during the last four years.
    
Scindia "emphasised the need to expand the trade basket as the current trade is dominated by petroleum imports from  Venezuela," the statement said.
    
It said health care, information technology, energy, mining, textiles and auto sector were identified as having good potential for cooperation.
    
Scindia said the Indian Pharma companies can help the Venezuelan Government in its health Mission plan by supplying required critical drugs at an affordable price.

Scindia also met Edmee Betancourt, the Minister of Commerce, Venezuela and reviewed the overall bilateral trade relations, the statement said.

He stressed on the need to expedite finalisation of the Double Taxation Avoidance Agreement (DTAA) between India and Venezuela.
   
Delay in issue of business visa for Indian businessmen and restrictive foreign exchange regulations were cited as impediments in the bilateral economic relations.