State-owned ONGC Videsh Limited (OVL) expects to recover its outstanding dues from both countries following the opening of banking channels with Russia and the easing of sanctions on Venezuela. The foreign investment unit of state-owned Oil and Natural Gas Corporation (ONGC) has approximately $350 million in dividends from its oil and gas assets in Russia stuck in local banks.

Additionally, due to imposed sanctions, around $600 million is also stuck in Venezuela. Dividends from assets in Russia have not been transferable since July 2022, although operations continue smoothly. There is confidence that this issue will be resolved soon, and the company will be able to recover its funds. Indian petroleum companies have invested a total of $5.46 billion in Russia.

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This includes stakes in several oil and gas projects, including Vankorneft and Taas-Yuryakh. OVL also holds a 40% stake in Venezuela’s San Cristobal field and has requested sanctions relief for outstanding recovery there. Meanwhile, ONGC’s Chairman and Managing Director stated that the group will continue to purchase Russian oil as long as it remains commercially beneficial and meets refiners’ needs.

ONGC Videsh Limited

ONGC Videsh Limited (OVL) is the international investment arm of India’s state-owned Oil and Natural Gas Corporation (ONGC). Established in 1965, its history is defined by securing energy assets abroad to enhance India’s energy security. The company has a significant global presence with projects in over 20 countries, including Russia, Brazil, and Mozambique.

Oil and Natural Gas Corporation

The Oil and Natural Gas Corporation (ONGC) is an Indian state-owned petroleum company, established in 1956 by the government to develop and regulate the nation’s oil and gas resources. It has played a foundational role in making India self-reliant in petroleum production through the discovery and development of major oil fields.

Vankorneft

Vankorneft is not a cultural site but a major Russian oil and gas company. It is a subsidiary of Rosneft and is responsible for developing the Vankor field, one of the largest oil and gas condensate fields in Russia, which was discovered in 1988 and began production in 2009. The company and its operations are a significant part of Russia’s energy industry.

Taas-Yuryakh

I am not familiar with a significant cultural or historical site named “Taas-Yuryakh.” This name does not correspond to any major world heritage sites or widely recognized locations in my knowledge base. It is possible the name may refer to a local or lesser-known place.

San Cristobal

San Cristóbal is a historic hill and fortress in the city of Old San Juan, Puerto Rico. It was constructed by the Spanish in the 18th century to protect the city from land-based attacks. Today, it is part of the San Juan National Historic Site and a UNESCO World Heritage Site.