Oil India seeks $300 million dividend held in SBI Moscow
Business
Oil India is trying to recover a $300 million dividend that is currently blocked in Russia because of Western sanctions. The funds come from its investments and are sitting with SBI's Moscow branch.
Chairman Ranjit Rath shared that the team is working on a solution, though he did not get into specifics.
Numaligarh refinery upgrade, Paradip Assam pipeline
Even with this financial snag, Oil India is not slowing down at home.
They are upgrading Assam's Numaligarh Refinery, set to boost capacity by March 2027, and building a 1,635-km crude pipeline from Paradip port in Odisha to its refinery in Assam, aiming for completion by the end of 2026.
The company has also wrapped up overseas exploration projects but continues to supply diesel to Bangladesh.