India's Oil Minister, Hardeep Singh Puri, announced that India will purchase Venezuelan oil as several refineries in the country have the capability to process heavy crude oil. Major Indian refiners, including Reliance Industries, Indian Oil Corp, and HPCL-Mittal Energy, have already secured cargoes of Venezuelan oil after the U.S. lifted sanctions in October. India, the world's third-largest oil importer, is keen on diversifying its sources and reducing its crude import bill. Puri emphasized India's willingness to buy oil from any non-sanctioned country, welcoming Venezuelan oil to the market. The move aligns with India's efforts to expand its refining capacity, with Puri stating that the country's refineries currently process 5 million barrels per day. Additionally, he highlighted the issue of Indian funds being locked up in Venezuela, particularly referring to Oil and Natural Gas Corp, which has over $500 million in pending dividends since 2014 for its stake in Venezuelan projects.

SOURCE:GOOGLE