India-Venezuela Current Affairs - 2019
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India and Venezuela have signed an oil production deals worth about 1.45 billion US dollar to increase oil production.
The agreement was signed between Oil and Natural Gas Corporation (ONGC), Venezeulas Petroleos de Venezuela SA (PDVSA), and Venezuela’s consortium Delta Finance BVin Caracas.
The Indo-Venezuelan partnership created in 2009 is expected to double the daily oil production of San Cristobal field from 20,000 to 40,000 barrels of oil.
The agreement comes amid a severe economic crisis in Venezuela. It is seen as a way to boost oil production, pay off debts, obtain funds from other foreign partners, and increase the country’s oil income.
Venezuela’s economy relies on oil exports and it accounts for half of the Venezuelan government’s revenues. Recently, it has been severely hit by a drastic fall in oil prices and resulted in the Venezuela’s economic crisis. The inflation rate in Venezuela is out of control leading to hyperinflation like condition resulting in shortages of goods and essential commodities. The inflation rate of Venezuela is highest in the world which is expected to reach 475% by the end of 2016.
India and Venezuela signed a programme on cultural exchanges in the fields of publication, film and media, image and space arts, stage and music arts. The programme will last for three years and will be renewed automatically thereafter.
Excerpts of the Programme of Cultural Exchange
- To promote the exchange of bilingual publications (traditional and contemporary stories).
- To make an issue of the magazine ‘’Actualidades” (a CELARG publication) on the Republic of India or on Indian writers.
- On a reciprocal basis, participation of India in the Venezuela’s International Book Fair.
- To encourage the participation of Venezuelan and Indian poets and writers in the literature festivals organized by both countries.
- To encourage the participation of India in the Venezuela’s World Festival of Poetry.
- To boost the exchange of knowledge with specialists in the field of drawing techniques with natural pigments, specialists in dying with natural inks, as well as the use of enzymes.
- Participation of a Venezuelan theatre company in the New Delhi’s Festival to diffuse the Venezuelan theatre in the Republic of India.
- Encourage the acquisition of Distribution Rights of Indian film works by the film distributor Amazonia Films.
- Encourage the institutional links between the Autonomous National Center of Film Making of the BolivarianRepublic of Venezuela and the Institute of Cinema and Television of the Republic of India.
- Participation of one dancer or couple of dancers from India at the International Dance Festivals Solos y Duetos (Solos & Duets).