But dividends for 2009 to 2013 totalling $537.631 million remained unpaid due to cash flow difficulties being faced by PDVSA. "We had in November 2016 signed an agreement with PDVSA that provided for dues to be cleared in instalments. "We want them to honour the agreement (to pay past dues) as the financing of the project is linked to that. "We are telling them to allot oil for us in lieu of the dues," Verma said.OVL also owns 11 per cent of the Carabobo project in the Orinoco region of Venezuela, which is in pre-production stage. "We have asked PDVSA to delink the development of the upgrader with the project and give us a dividend so that some revenue could flow to us," he said.

Source: Economic Times June 01, 2018 09:06 UTC