OVL may have to wait longer for stuck Venezuelan dividend

The effort by ONGC Videsh Limited (OVL) and other Indian public-sector oil companies to repatriate dividends stuck in Venezuela may pose a bigger immediate challenge than managing the loss of crude imports, following the latest US push to sideline the South American nation, officials said.

- SUBHAYAN CHAKRABORTY

OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has more than $500 million in dividends from its Venezuelan assets stuck in the country. Oil-marketing major Indian Oil Corporation Ltd (IOCL) and upstream company Oil India Limited (OIL) also have participating interest in one of these stuck projects.

On Monday, US President Donald Trump announced a 25 per cent tariff on countries purchasing oil and gas from Venezuela beginning April 2.

Part of the Trump administration's tough stance on the Venezuelan regime that it considers to be directly hostile to US interests, the move is expected to cut off India's access to Venezuelan crude, which made up 0.92 per cent of India's overall crude imports in FY25.