Oil India explores ways to get back Russian dividend

Oil India is looking for ways to recover a $300 million dividend that remains trapped in Moscow, according to Business Recorder. Chairman Ranjit Rath said the state-run explorer's share of that payout relates to two Russian ventures in which it holds stakes alongside Indian Oil Corp and Bharat PetroResources. He acknowledged that the funds sit at the Moscow office of State Bank of India and are blocked by western sanctions tied to the conflict in Ukraine, but he did not explain how the money would be moved.

Rath also gave an update on Numaligarh Refinery, part of Oil India, which plans to bring a 120,000 barrel-per-day crude unit online in Assam by March. That step would lift total crude processing capacity to 180,000 barrels per day. A 1,635-kilometre crude pipeline from Paradip port in Odisha to the Assam refinery is slated for completion at the close of 2026.

Rath added that the company has pulled out of its exploration ventures in Gabon and Bangladesh. Diesel deliveries from Numaligarh into Bangladesh via pipeline are ongoing, with no outstanding payments, he said.