Aug 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.
Published Date: Aug 17th, 2018 11:04 AM | Updated Date: Aug 17, 2018 11:04 AM IST