India’s Jindal Power abandons oil venture with Venezuela’s PDVSA | Company Business News

Jindal Power Ltd. has decided to abandon its oil venture with Venezuela’s state-owned PDVSA. The venture, which involved operating an oil-processing facility, faced challenges due to political instability and US sanctions on Venezuela. Jindal Power had initially agreed to invest $300 million in the Petrocedeno project, located in the Orinoco Belt, to renovate and upgrade equipment. However, the companies failed to finalize control over the operations, leading to Jindal’s exit. Despite this setback, Jindal continues to operate Venezuela’s largest iron-ore complex. The collapse of this deal highlights the difficulties PDVSA faces in attracting foreign investment to revive its oil industry1.