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Market Chatter: Oil India Seeks Ways To Recover $300 Million Russian Dividend

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Oil India (NSE:OIL, BSE:533106) is exploring options to recover its $300 million dividend from Russia for its stake in two Moscow assets, according to a Thursday Reuters report, citing the company's chairman, Ranjit Rath.

The report said the dividend is stuck at a State Bank of India (NSE:SBIN, BSE:500112) branch in Moscow because of Western sanctions on Russian firms over the war in Ukraine.

The Indian government-owned oil firm holds a 23.9% interest in JSC Vankorneft, and a 29.9% ​stake in Tass Yuryakh Neftegazodobycha. Oil India owns the stake along with partners Indian Oil Corp (NSE:IOC, BSE:530965) and Bharat PetroResources (NSE:BPCL, BSE:500547), the report said.

Additionally, Oil India chairman Rath reportedly said the company plans to boost its crude processing capacity to 180,000 barrels per day by commissioning a 120,000 bpd unit at its Assam plant by March. Moreover, it has abandoned its exploration projects in Gabon and Bangladesh, but diesel supplies to the latter will continue as there is no payment backlog.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

What else is happening in Asia?

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Market Chatter: China Airlines Plans Codeshare Partnership with Britain's Virgin Atlantic

China Airlines (TPE:2610) plans to launch codeshare partnership with Britain's Virgin Atlantic Airways, according to a Focus Taiwan report on Wednesday, quoting the airlines' president Kevin Chen.Initially, China Airlines, and Virgin Atlantic will share flight codes on each other's services and will subsequently tap into complementary route networks to faciliate better flight services between Taiwan and the UK, Chen said.China Airlines' sahares were up over 1% in Thursday's trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Lotus Pharmaceutical's Unit to Reduce Capital by $70 Million

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