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The brand of Oil and Natural Gas Corp’s (ONGC) is pictured alongside a roadside in Ahmedabad, India, September 6, 2016. Picture taken September 6, 2016. REUTERS/Amit Dave/File Photo Acquire Licensing Rights
BENGALURU, Oct 26 (Reuters) – India’s Oil and Natural Gas Corp (ONGC.NS) hopes to get well over $500 million in dividends pending since 2014 for its stake in Venezuelan tasks as sanctions on the nation had been eased, a supply mentioned on Thursday.
The supply declined to be named attributable to sensitivity of the matter.
The Biden administration on Wednesday eased sanctions on Venezuela’s oil sector after the federal government and opposition events reached a deal for the 2024 election, in probably the most in depth rollback of Trump-era restrictions on Caracas.
U.S. sanctions had hit Venezuela’s funds and oil output, resulting in accumulation of dividend for international corporations similar to ONGC.
ONGC, by means of its abroad funding ONGC Videsh, holds 40% stake within the San Cristobal subject in jap Venezuela’s Orinoco Heavy Oil belt, and 11% in Carabobo area-1.
ONGC wish to promote its share of oil from the Venezuela subject to whoever affords the most effective worth, the supply mentioned, including lifting of sanctions has ignited hopes for a restoration of pending dividend.
Reporting by Nidhi Verma; Editing by Varun H Ok
Our Standards: The Thomson Reuters Trust Principles.
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