India’s Jindal Power Abandons Crude Processing Deal With PdVSA

India’s giant power company, Jindal Power Ltd, has exited a deal that would have seen it operate Petroleos de Venezuela’s (PdVSA) key installations for processing heavy crude oil for export, Bloomberg has reported. In May, Jindal entered into a joint venture with PdVSA in the Petrocedeno project located in the oil-rich Orinoco Belt. The $300 million deal to renovate and upgrade equipment was Jindal’s first foray into the oil sector. The collapse of the deal is illustrative of the challenges Venezuela faces in trying to revive...