ONGC eyes stake in Russian entity managing Sakhalin 1: Sources

India’s Oil and Natural Gas Corp plans to take a stake in the new Russian entity that will manage the Sakhalin 1 project in the far east as it seeks to retain a 20% share in the asset, three sources familiar with the matter said.

Russian President Vladimir Putin earlier this month issued a decree to establish a new operator for the ExxonMobil -led project and authorised the Kremlin to decide whether foreign shareholders could retain stakes in Sakhalin 1.