August 17, 2018 11:04 AM IST | Commodities
Sudan wants ONGC Videsh to withdraw arbitration over oil payment dues
Sudan wants India's ONGC Videsh Ltd (OVL) to withdraw arbitration proceedings against the African nation as it is making efforts to mitigate default on payment of dues, OVL said in a statement on Friday.
OVL, the foreign acquisition unit of Oil and Natural Gas Corp's (ONGC), filed an arbitration claim earlier this year against the government of Sudan in a London court seeking to recover dues pending for years from a project hit by the breakaway of South Sudan in 2011.
Earlier this week, a Sudanese delegation including its finance and foreign affairs minister met ONGC officials seeking withdrawal of the arbitration proceedings.
Have you signed up for Primo, our daily newsletter?It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morningYOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more