NEW DELHI: NEW DELHI:India’s Oil and Natural Gas Corp has applied to the new Russian operator of the Sakhalin-1 to retain its stake in the oil and gas project in the Far East, a person familiar with the development said.
Russia has established a new entity, managed by a Rosneft subsidiary, that owns investor’s rights in Sakhalin 1 after the exit of previous operator ExxonMobil. Moscow gave the state-run company the authority to decide whether foreign shareholders can retain their participation.
“Yes,” said the person when asked if ONGC has applied to retain its stake in the project.
