As per the extant guidelines, ONGC pays a minimum annual dividend of 30 per cent of net profit or 5 per cent of the net worth, whichever is higher.
This article, the final of a three-part special series on the impact of the EU sanctions on Russia, will look at what the oil embargo means for India. The first story was a deep dive on the impact of the ban on Europe, and the second one looked at the role of OPEC+.
The European Union’s aims are clear. With Russia continuing to wage war in Ukraine, Europe wants to deny President Vladimir Putin funds from sales of oil, usually his largest export earner and a cornerstone of the Russian economy.
India’s purchases of Russian crude have soared since the conflict’s start, rising from nothing in December and January to about 300,000 barrels a day in March and 700,000 a day in April.
State-owned and private refiners in the world’s third-biggest oil importer have bought more than 40 million barrels of Russian crude since the invasion of Ukraine in late February.