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ONGC will keep buying Russian oil, says chairman
ONGC says it'll keep buying Russian oil as long as it's a good deal, even with global tensions in the mix.
Chairman Arun Kumar Singh shared that their group companies, like MRPL and HPCL, are still importing plenty.
As he put it, "As long as it's economical, we will keep buying every drop (of Russian oil) that comes to the market."
ONGC's dividends stuck due to banking hurdles
Singh explained that US sanctions against Russia don't actually block ONGC's imports—India hasn't restricted them either.
There are some headaches though: banking hurdles mean about $350-400 million in dividends from Russian projects are stuck for now.
Still, ONGC isn't changing its approach and is also eyeing new overseas investments, with its delayed Mozambique gas project now set for 2028.