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NEW DELHI: Dividend revenue of about 8 billion roubles (about Rs 1,000 crore) from investments of over $5 billion made in two Russian oil fields by a consortium of Indian state-run oil firms stay caught after Moscow restricted greenback repatriation as a consequence of extreme foreign money volatility following the battle with Ukraine.
“The Indian consortium has been receiving dividend from the Vankor Cluster and Taas-Yuryakh fields. Besides a small quantity retained in Russia for native wants, now we have been repatriating the dividend. However after the state of affairs with Ukraine, about 8 billion roubles are caught as a consequence of extensive alternate price fluctuation and restriction on greenback repatriation. It’s not a giant quantity,” Harish Madhav, director (finance) of Oil India Ltd, one of many consortium companions, stated.
The corporate’s internet revenue spiked 123% to Rs 3,887 crore in 2021-22 on the again of upper oil and gasoline costs.
The caught quantity is the mixed dividend as a consequence of all of the consortium companions. Dividend from Tass-Yuryakh is paid quarterly, whereas Vankor payout is made half-yearly. No dividend has been paid for the reason that battle started. Madhav didn’t see an issue in getting the cash as soon as the “(battle) state of affairs improved”.
Requested whether or not OIL, as a consortium associate, was speaking to Western majors which have introduced plans to exit Russia for buying their stake in tasks, firm chairman S C Mishra stated there was nothing for the time being. “If there may be speak, it has not reached us.”
The consortium of Oil India Ltd, IndianOil and Bharat Petro Assets, an arm of Bharat Petroleum, purchased 23.9% within the Vankor Cluster and 29.9% in Taas-Yuryakh in 2016. Individually, ONGC Videsh Ltd purchased 26% in Vankorneft Cluster consisting of Suzunskoye, Tagulskoye and Lodochnoye fields in western Siberia.
He stated the Russian fields with Indian investments continued to perform usually and there was no downside in operations. For good measure, he stated that OIL’s funding plans have additionally not been impacted by the state of affairs in jap Europe and the corporate will spend Rs 4,000 crore on accelerated exploration.
“The Indian consortium has been receiving dividend from the Vankor Cluster and Taas-Yuryakh fields. Besides a small quantity retained in Russia for native wants, now we have been repatriating the dividend. However after the state of affairs with Ukraine, about 8 billion roubles are caught as a consequence of extensive alternate price fluctuation and restriction on greenback repatriation. It’s not a giant quantity,” Harish Madhav, director (finance) of Oil India Ltd, one of many consortium companions, stated.
The corporate’s internet revenue spiked 123% to Rs 3,887 crore in 2021-22 on the again of upper oil and gasoline costs.
The caught quantity is the mixed dividend as a consequence of all of the consortium companions. Dividend from Tass-Yuryakh is paid quarterly, whereas Vankor payout is made half-yearly. No dividend has been paid for the reason that battle started. Madhav didn’t see an issue in getting the cash as soon as the “(battle) state of affairs improved”.
Requested whether or not OIL, as a consortium associate, was speaking to Western majors which have introduced plans to exit Russia for buying their stake in tasks, firm chairman S C Mishra stated there was nothing for the time being. “If there may be speak, it has not reached us.”
The consortium of Oil India Ltd, IndianOil and Bharat Petro Assets, an arm of Bharat Petroleum, purchased 23.9% within the Vankor Cluster and 29.9% in Taas-Yuryakh in 2016. Individually, ONGC Videsh Ltd purchased 26% in Vankorneft Cluster consisting of Suzunskoye, Tagulskoye and Lodochnoye fields in western Siberia.
He stated the Russian fields with Indian investments continued to perform usually and there was no downside in operations. For good measure, he stated that OIL’s funding plans have additionally not been impacted by the state of affairs in jap Europe and the corporate will spend Rs 4,000 crore on accelerated exploration.
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