New Delhi: Dividend income of about 8 billion rubles (approximately Rs 1,000 crore) from investments of over $5 billion made in two Russian oil field Indian oil companies are stuck even after Moscow restricted repatriation of dollars due to extreme currency volatility following a conflict with Ukraine by a consortium of state-run oil companies.
“The Indian Federation is receiving dividends from the Vankor cluster and Tas-Yuryakh regions. We are refunding the dividend, except for a small amount kept in Russia for local needs. But following the situation with Ukraine, wide exchange rate fluctuations and restrictions on the repatriation of dollars, about 8 billion rubles are stuck. It is not a big amount. Oil India LimitedSaid one of the union partners.
The company’s net profit jumped 123% to Rs 3,887 crore in 2021-22 due to higher oil and gas prices.
The stalled amount is the joint dividend due to all the consortium partners. Dividends from Tass-Yuryakh are paid quarterly, while Vankor payments are made semi-annually. No dividend has been paid since the start of the conflict. Once the “(conflict) situation improved” Madhav did not see any problem in getting the money.
Asked whether OIL, as a consortium partner, is in talks with Western majors that have announced plans to exit Russia to acquire their stake in the projects, company chairman SC Mishra said. Said there is nothing at the moment. “If there has been talk, it hasn’t reached us.”
Consortium of Oil India Limited, IndianOil and Bharat Petro Resourcesone side of Bharat Petroleumbought 23.9% in Vankor cluster and 29.9% in Tas-Yuryakh in 2016. Separately, ONGC Videsh Limited bought 26% in the Vankorneft cluster consisting of Sujunskoye, Tagulskoye and Lodochnoye fields in Western Siberia.
He said the Russian sector with Indian investments is functioning normally and there is no problem in operations. For good measure, he said OIL’s investment plans have also not been affected by the situation in Eastern Europe and the company will spend Rs 4,000 crore on accelerated exploration.
“The Indian Federation is receiving dividends from the Vankor cluster and Tas-Yuryakh regions. We are refunding the dividend, except for a small amount kept in Russia for local needs. But following the situation with Ukraine, wide exchange rate fluctuations and restrictions on the repatriation of dollars, about 8 billion rubles are stuck. It is not a big amount. Oil India LimitedSaid one of the union partners.
The company’s net profit jumped 123% to Rs 3,887 crore in 2021-22 due to higher oil and gas prices.
The stalled amount is the joint dividend due to all the consortium partners. Dividends from Tass-Yuryakh are paid quarterly, while Vankor payments are made semi-annually. No dividend has been paid since the start of the conflict. Once the “(conflict) situation improved” Madhav did not see any problem in getting the money.
Asked whether OIL, as a consortium partner, is in talks with Western majors that have announced plans to exit Russia to acquire their stake in the projects, company chairman SC Mishra said. Said there is nothing at the moment. “If there has been talk, it hasn’t reached us.”
Consortium of Oil India Limited, IndianOil and Bharat Petro Resourcesone side of Bharat Petroleumbought 23.9% in Vankor cluster and 29.9% in Tas-Yuryakh in 2016. Separately, ONGC Videsh Limited bought 26% in the Vankorneft cluster consisting of Sujunskoye, Tagulskoye and Lodochnoye fields in Western Siberia.
He said the Russian sector with Indian investments is functioning normally and there is no problem in operations. For good measure, he said OIL’s investment plans have also not been affected by the situation in Eastern Europe and the company will spend Rs 4,000 crore on accelerated exploration.