• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 17 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 2 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 9 hours Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 6 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 58 mins Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 hours Australian power prices go insane
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
The Biggest Argument For Peak Oil

The Biggest Argument For Peak Oil

When BP claimed that the…

OPEC Crude Oil Exports Trend Lower In September

OPEC Crude Oil Exports Trend Lower In September

Crude oil exports from all…

Oil Prices Fall After Fed Raises Rates

Oil Prices Fall After Fed Raises Rates

Oil prices continued to slide…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Oil-for-Drugs Swap: India’s Answer to Venezuela’s Unpaid Bills

Venezuela can’t pay its millions of dollars in debt to Indian pharmaceutical companies, say Indian officials, so officials are considering a proposal that would see the Latin American company swap oil for its drug debts.

After an unlucky gamble on India’s part that Venezuela’s emerging economy would be a good place to hawk Indian pharmaceuticals, the debt is now mounting and poor crisis management coupled with the long-running oil price slump has left Venezuela too cash strapped to pay up.

Already, according to Indian media, India’s Dr Reddy’s pharmaceutical company has written off US$65 million in debt in the first quarter of this year, while Glenmark Pharmaceuticals Inc is looking to collect some US$45 million in unpaid debt from Venezuela. Related: What Does The Next OPEC Meeting Have In Store?

"The situation in Venezuela is very precarious ... the government knows it needs to do something about the medicine shortage, that's why it is willing to discuss such a deal," Reuters quoted an Indian official as saying.

Indian officials cited by local media have suggested that the oil-for-drugs proposal has come from the Trade Ministry, which envisions using the State Bank of India as a mediator in the swap.

“The finance ministry has assured us that the government is fully committed to it, but it will take time," India’s Economic Times quoted P.V. Appaji, Director General of the Pharmaceutical Export Promotion Council of India, a body under the country's commerce ministry, as saying. Related: Who Will Benefit From The Electrification Of Transport?

It’s not an unprecedented idea. India has swapped rice and wheat for Iranian oil when Iran was under sanctions.

For now, the deal proposal is embryonic, though Indian officials cited by local media claim that Venezuela is on board with the idea, while high-level meetings should take place this summer.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Asok Asus on May 20 2016 said:
    There’s actually plenty of hard currency from selling Venezuela’s oil, it’s just that Maduro doesn’t want to WASTE it on medication, or food or anything else for that matter, that his suffering population desperately needs for survival. And the Indians are so naive that they don’t understand that a direct oil for medicines swap totally defeats the purpose, namely, medicines can’t be secreted by Maduro, his family and his cronies in their offshore banking accounts.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News