(PTI)
Sudan has asked ONGCNSE -0.85 % Videsh Ltd to withdraw its case against the African nation in an international arbitration court for recovery of over USD 400 million in unpaid oil dues, saying it is making efforts to mitigate the default.
OVL, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), however, wants to continue with the arbitration while the two sides work out a suitable mechanism to resolve the issue, the company said in a statement here. OVL had earlier this year dragged the government of Sudan to a London court to recover dues pending since 2011. “A Sudanese ministerial delegation visited OVL corporate office last week and held discussions with ONGC Videsh officials led Narendra K Verma, Managing Director and CEO,” the statement said.
