CARACAS Venezuela's state oil company PDVSA is about to clinch a deal for India's Oil and Natural Gas Corp to invest some $500 million in their San Cristobal joint venture, the South American company's president said on Tuesday.
"We're about to firm up ONGC's financing to the joint venture we have in the San Cristobal field," Eulogio Del Pino, who is also Venezuela's Oil Minister, told Reuters.
He said the deal would be signed "soon." The funds would go towards shoring up production at San Cristobal.
(Reporting by Alexandra Ulmer; Editing by Andrew Cawthorne, Bernard Orr)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Feb 24, 2016 05:30:14 IST