Indian oil companies await $300 million dividend for business in Russia
NEW DELHI: An estimated $300 million dividend income belonging to Indian state-run oil companies is stuck in Russia as a result of Western banking curbs slapped after Moscow’s invasion of Ukraine.
The oil companies have invested nearly $5.5 billion in acquiring stakes in four different Russian fields: a 49.9% stake in the Vankorneft oil & gas field and 29.9% in the TAAS-Yuryakh Neftegazodobycha fields.
Oil India chairman Ranjit Rath, of Oil India, which has invested in Russian fields as part of consortiums, said, “We had been regularly getting our dividend income from the projects, and they are lying in bank accounts in Russia.”
The $300-million dividend income pertains to the consortium of OIL, Indian Oil and Bharat PetroResources. ONGC Videsh, which also has a stake in the same projects, would have a similar dividend income.
The dividend is with the Commercial Indo Bank (CIBL), which was a joint venture of SBI and Canara Bank. Canara Bank in March sold its 40% stake in CIBL to SBI. ONGC Videsh holds a 26% stake in Suzunskoye, Tagulskoye and Lodochnoye fields. The Indian companies are looking at options of how to repatriate the money from Russia.
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