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India Wants To Barter Drugs For Oil From Venezuela
India has offered Venezuela a cash for drugs deal under which Indian government is trying to regain millions of dollars in payments to large pharma companies in India. The barter plan will help with the bad debts. Dr. Reddy among other large Indian Pharma companies were betting heavily on the growing population and growth of Venezuela against US and other developed countries where things were slowing down.
Unfortunately this strategy failed to work in favor of the investors due to the fact that Venezuela's socialist economy suffered heavily due to triple digit inflation leading to huge losses. Venezuela is also suffering from a twin crisis namely political and financial. Oil prices are falling and the government has been so far unsuccessful in coming up with a solution. Venezuela is currently facing acute shortage of basic necessities such as food, medicine and water.
Dr. Reddy reported a loss of $65 million while Glennmark Pharmaceuticals wrote off $45 million in losses last year. India is now looking to barter oil from Venezuela in exchange for the medical drugs that it has provided to the country. India already has oil barter for wheat and rice payment plan with Iran.
The OPEC country's oil production is also expected to fall this year due to a lack of resources, a power crunch and maintenance problems, likely leaving it with less crude for export.