7 Feb 2024 09:20

Oil India mulls new oil, gas projects in Russia, doing due diligence

GOA, India. Feb 7 (Interfax) - Oil India Limited is considering joining new Russian projects, the head of the company, Ranjit Rath told reporters on the sidelines of Indian Energy Week.

The company is not saying 'yes' or 'no' because there are commercial decisions, he said. The company assesses opportunities throughout the world, does due diligences and then moves to the second stage and tells the world that it views this positively, Rath said, adding that it is now in the process of due diligence.

He also said that the company has not yet found a solution to repatriating dividends from its current production assets in Russia.

The company is receiving dividends, which are in its bank accounts in Russia, but the problem is transferring the money to India, Rath said. Due to the unfavorable situation in the world, there are sanctions that prevent the money from being transferred to unfriendly countries, he said.

The company is assessing various options for how it can transfer the money from its accounts in Russia to its accounts in India, studying various possibilities and legal ramifications, Rath said, adding that it is still in the process of doing this.

Oil India Limited, as a member of consortiums, owns stakes in projects that Indian companies are carrying out with Rosneft in Russia, including Vankorneft and Taas-Yuryakh Neftegazodobycha.