ONGC Videsh has over $500 million in pending Venezuela dividend
In short
ONGC Videsh says it has more than $500 million in pending dividend from its stakes in two Venezuela projects, San Cristobal and Carabobo 1. The company is ONGC’s overseas investment arm.
What the reporting says
ONGC Videsh, the overseas investment arm of ONGC, has over $500 million in pending dividend from its stakes in the San Cristobal and Carabobo 1 projects in Venezuela. The source ties the amount to two projects and identifies the dividend as pending, suggesting a cash-flow issue for the company’s overseas arm.
Why it matters
ONGC Videsh, ONGC’s overseas investment arm, has over $500 million in pending dividend from its stakes in the San Cristobal and Carabobo 1 projects in Venezuela. The amount is linked to the company’s holdings in those two oil projects and points to money still owed to it.