India’s Jindal Is Said to Join Venezuelan Oil Venture (Correct)

India’s Jindal Power Ltd. will partner with Venezuela’s state oil company in a crude venture just months after securing a contract to run the country’s largest iron-ore complex, according to people familiar with the agreement.

Jindal executives agreed to partner with Petroleos de Venezuela SA in the oil-rich Orinoco Belt, the people said, asking not be named discussing non-public information. The move to operate the Petrocedeno venture marks Jindal’s first foray into the oil business and will fill the void left when TotalEnergies SE and Equinor ASA departed the project in 2021.

Jindal’s entrance comes as Venezuela reshapes its oil ...