 "Jindal abandons oil venture with Venezuela’s crude producer PDVSA: Report | Company News")
Jindal agreed in May to partner with PDVSA in the Petrocedeno venture. | Photo: Bloomberg
Jindal Power Ltd. is walking away from a venture that would have operated an oil-processing facility for Venezuela’s state-controlled crude producer, according to people familiar with the matter.
Â
Jindal is exiting the deal under which it would have overseen one of Petroleos de Venezuela’s key installations for producing and processing heavy-crude oil for export, said the people, who asked not to be named discussing non-public information.
Click here to connect with us on WhatsApp
Despite the deal’s collapse, Jindal continues to operate Venezuela’s largest iron-ore complex, a project it has led since late 2023.Â
The unraveling upgrader agreement is illustrative of PDVSA’s difficulties finding deep-pocketed partners to help revive Venezuela’s crude industry amid domestic political turmoil and crippling US sanctions.
Â
Jindal didn’t respond to requests for comment. A spokesperson for PDVSA declined to comment.Â
Jindal agreed in May to partner with PDVSA in the Petrocedeno venture located in the the oil-rich Orinoco Belt. For Jindal, the $300 million plan to renovate upgrading equipment and make other improvements represented its first foray into the oil sector.
But the companies failed to reach a final agreement on control of the operation, the people said. Petrocedeno’s oil fields reached a maximum output of 160,000 barrels a day in the mid-2000s.
First Published: Oct 09 2024 | 8:09 PM IST
 "India reiterates opposition to China’s Belt and Road Initiative at SCO meet | External Affairs Defence Security News")
 "Trade deficit eases to $20.8 bn in Sept amid geopolitical challenges | Economy & Policy News")
&description=Jindal+abandons+oil+venture+with+Venezuela%E2%80%99s+crude+producer+PDVSA%3A+Report+%7C+Company+News){kind=link}