(TNIE)
The re-imposition of sanctions on Venezuelan crude oil by the US has disrupted ONGC Videsh Limited (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corporation (ONGC), plan to retrieve its dividend worth $600 million stuck in Venezuela.
The company is planning to deploy its legal and marketing teams to address the issue. OVL earlier announced importing oil from Venezuela in lieu of stuck dividends worth $600 million. But the company had not received any oil after the lifting of sanctions, said an official. “Our legal and commercial teams are studying the proposal. Will revert back once clarity emerges,” ONGC Videsh sources said.
This development comes amid the US re-imposing sanctions on Venezuelan crude oil. The US had previously eased these sanctions in October 2023, allowing Venezuela to resume crude exports. However, citing concerns about a lack of progress on democratic principles ahead of Venezuela’s July elections, the Biden administration opted not to renew a key license that expired on April 17, effectively re-imposing sanctions.
