ONGC applies to retain 20% stake in Russia’s Sakhalin-1 oil and gas project
NEW DELHI (Reuters) – 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.
ONGC holds a 20% stake through its overseas investment arm ONGC Videsh.
ONGC Videsh and Rosneft did not immediately respond to a Reuters request for comment.
