No cash? No problem. OVL eyes oil from Venezuela instead
Indian Oil Corp. Ltd and Oil India Ltd own 3.5% each, with PdVSA and Spanish energy major Repsol holding 71% and 11%, respectively.
OVL has been investing in overseas oil and gas assets as part of India’s energy security strategy. The overall investment by state-owned companies in oil and gas assets abroad stands at $36.555 billion across 55 assets in 25 countries.
India has been facing the issue of stuck dividends in sanctions-hit Russia as well. Mint earlier reported about Indian state-run energy firms including OVL, Bharat PetroResources Ltd, Indian Oil and Oil India facing around $400 million in stuck dividend payments from CSJC Vankorneft and LLC Taas-Yuryakh in Russia given the difficulty in transferring dividend payments due to sanctions on Moscow.
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