1 year ago

ONGC Videsh has less than $100 mn stuck in Russia, says official



IIE Digital Desk : ONGC Videsh, the overseas arm of Oil and Natural Gas Corporation (ONGC) Limited, has clarified that it has less than $100 million stuck in Russia. The statement provides some clarity regarding the extent of pending funds, dispelling previous speculations.

Addressing concerns about financial issues in Russia, the official confirmed that the amount held up is less than $100 million. This disclosure helps provide a more accurate understanding of the situation and mitigates potential uncertainties surrounding ONGC Videsh's operations and financial obligations.

The official statement by ONGC Videsh emphasizes the relatively modest amount of funds involved, suggesting that the impact on the company's overall financial stability is limited. By quantifying the pending funds, the clarification seeks to assure stakeholders and investors that the situation is manageable within the broader financial framework of the organization.

The confirmation of the specific amount also allows ONGC Videsh to focus on resolving the issue efficiently. By working closely with relevant stakeholders and authorities, the company can explore appropriate measures to recover the funds and ensure the smooth functioning of its operations in Russia.

ONGC Videsh's efforts to address this matter proactively demonstrate its commitment to resolving financial challenges and maintaining strong business relationships in its international operations. The company's determination to tackle the issue positively reflects its overall resilience and adaptability in the face of potential obstacles.

ONGC Videsh has clarified that it has less than $100 million pending in Russia, according to an official statement. By quantifying the amount and acknowledging the situation openly, the company aims to instill confidence among stakeholders and demonstrate its proactive approach to resolving financial challenges. This disclosure reinforces ONGC Videsh's commitment to the smooth operation of its international ventures and highlights its resilience in addressing potential obstacles.

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