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Oil-for-Drugs Swap: India’s Answer to Venezuela’s Unpaid Bills
Oil Price ^ | 19 May 2016 | Charles Kennedy

Posted on 05/20/2016 6:37:26 PM PDT by Lorianne

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.

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy; Foreign Affairs
KEYWORDS: energy; socialisthell; venezuelacollapse; venezuelaoil

1 posted on 05/20/2016 6:37:26 PM PDT by Lorianne
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To: Lorianne

I wish the Indians good luck with that.Socialists never pay their bills.


2 posted on 05/20/2016 6:38:56 PM PDT by Farmer Dean (Never be more than two steps away from your weapon.)
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To: Lorianne

Are the Indians going to front them the money to get it out of the ground and then process it?


3 posted on 05/20/2016 6:41:05 PM PDT by PAR35
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To: Lorianne

This is the same problem China has, being paid with oil in the ground. And not much way to get it out of the ground since they have neglected their oil infrastructure.


4 posted on 05/20/2016 6:41:16 PM PDT by Vince Ferrer
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To: Lorianne

At first I thought the drugs were coming from Venezuela (as in cocaine) but then I read further (or is it farther?).


5 posted on 05/20/2016 6:44:03 PM PDT by BipolarBob (I'm so open minded that you should only think like me.)
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To: Lorianne

Venezuela has been around a very long time to be considered an emerging economy. Of course, being a “neutral” towards communism in the Cold War, India’s appreciation for socialism’s fake prosperity is understandable.


6 posted on 05/20/2016 6:46:48 PM PDT by sparklite2 ( "The white man is the Jew of Liberal Fascism." -Jonah Goldberg)
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To: Lorianne

It’s sour, heavy crude and will have to be sent to a US refinery.


7 posted on 05/20/2016 6:49:01 PM PDT by RegulatorCountry
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To: Lorianne

This is what happens when you destroy your monetary system by exchange controls.


8 posted on 05/20/2016 7:28:38 PM PDT by Brilliant
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To: Vince Ferrer

“This is the same problem China has, being paid with oil in the ground. And not much way to get it out of the ground since they have neglected their oil infrastructure.”

The Chinese are thinking long-term. It probably won’t become less valuable, and, if the Venezuelans won’t send it to them, I’m sure that the Chinese will stop by and “help”.


9 posted on 05/20/2016 7:44:00 PM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day".)
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To: Farmer Dean

“I wish the Indians good luck with that.Socialists never pay their bills.”

Indeed. There’s 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.


10 posted on 05/20/2016 9:31:12 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: RegulatorCountry

LOL, and I’m sure with 40-45 dollar range W.Texas and Brent it’ll go straight to the head of the que...

I have a bottle of that stuff in my oil collection. It looks like something you thinned with carb cleaner after scraping it out of the valve cover of a 60’s era Chrysler product.


11 posted on 05/20/2016 10:37:39 PM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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