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Less than $100 mn stuck in Russia: OVL
Financial Express Mumbai
|May 30, 2023
ONGC VIDESH, THE overseas arm of Oil and Natural Gas Corporation (ONGC), on Monday said it has less than $100 million dividend income stuck in Russia and that it is not in a hurry to get it back.
"We have less than $100 million stuck in Russia and we are not in a hurry to get it back. We have three projects there that require some expenses," ONGC Videsh Ltd (OVL) managing director Rajarshi Gupta said.
The company is looking for right banking channels to find an option for repatriating the dividend payments from Russia, he added.
As for the equity oil, ONGC chairman AK Singh said that it is an incorporated joint venture and the companies jointly produce and sell, and OVL is free to buy at that rate.
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