Venezuela to Ship Up to 400,000 Barrels of Crude Per Day to India

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CARACAS–Venezuelan state oil monopoly Petroleos de Venezuela, or PdVSA, signed a 15-year crude supply contract with India’s Reliance Industries Ltd. (500325.BY) that will send as much as 400,000 barrels a day to the Asian country over the long term.

The contract, inked by officials from both countries, will begin with shipments of 300,000 barrels and increase over time, Oil Minister Rafael Ramirez said.

P.M.S. Prasad, executive vice president at Reliance, said the crude will feed India’s Jamnagar Refinery and will help the rapidly growing Asian economy meet its ever-growing energy needs. He said the supply contract could run longer than 15 years.

– Kejal Vyas, (c) 2012 Dow Jones & Company