Trump diktat to lengthen OVL's quest to repatriate Venezuela dividend

ONGC's overseas arm had applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects

The effort by ONGC Videsh Limited (OVL) and other Indian public-sector oil companies to repatriate dividends stuck in Venezuela may pose a bigger immediate challenge than managing the loss of crude imports, following the latest US push to sideline the South American nation, officials said.

  OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has more than $500 million in dividends from its Venezuelan assets stuck in the country. Oil-marketing major Indian Oil Corporation Ltd (IOCL) and upstream company Oil India Limited (OIL) also have participating interest in one of these stuck projects.

 

On Monday, US President