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PDVSA starts paying its $449MM ONGC Videsh bill

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Venezuelan NOC PDVSA has begun to pay back a long-standing debt to India’s state-owned overseas energy firm ONGC Videsh Ltd. with a $32 million payment made from proceeds earned from a crude sale to another Indian company, Reliance Industries. The payment is the first step in clearing a $449 million debt the beleaguered Venezuelan oil company owes to OVL. The debt consists of dividends accrued during four years of non-payment related to OVL’s 40%......
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