India Gets Discount For Purchasing Venezuelan Crude Oil with Petro

India To Get 30% Discount on Venezuelan Crude Oil If Paid for In Petro

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  • Venezuela offers 30% discount to India on Venezuelan crude oil purchased with Petro.
  • Petro will be listed on Coinsecure for sale in India.

Venezuela: An India news outlet, Business Standard, published a news on Sunday 29th April that India will receive a 30 percent discount on purchasing Venezuelan crude oil only if Petro cryptocurrency is used for the transaction. Mohit Kalra, the CEO for Coinsecure crypto exchange, announced this news on Business Standard, where he said that the offer was put forward by a team from Venezuela’s blockchain department in India last month:

“They are going to different countries and making offers. The offer that they have given to the Indian government is: you buy Petro and we will give you a 30 percent discount on oil purchases.”

The news outlet reported that Petro would be listed on the Coinsecure exchange for sale in India after discussions with the Venezuelan blockchain team. Mohit added that Coinsecure will also supply white label exchange solutions for Venezuela, this means that all cryptocurrency traders would have to trade on Coinsecure:

“That would be run by their brand name, but the back-end will be us. We plan to provide them with 10-15 cryptocurrency players.”

According to Business Standard, a Venezuelan official “indicated they have received a response from the private sector in India.”

The Petro, a cryptocurrency launched on 20th Feb. in a pre-sale that ended on 19th March, has raised a series of questions both locally and internationally in regards to its use within the global economy, especially regarding the economic sanctions imposed on Venezuela. had earlier reported that Petro has raised about $3.8 billion from more than 127 nations that participated in the pre-sale.

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