ONGC said to be moving closer to keeping 20% stake in Russia’s Sakhalin-1 project

Oil and Natural Gas Corp will pay into Russia’s Sakhalin-1 oil and gas field abandonment fund in roubles, using Indian companies’ frozen dividends to retain its 20% stake in the project, three sources familiar with the matter said.

ONGC Videsh Ltd, the overseas investment arm of India’s top explorer ONGC, and other state-run Indian companies have not been able to repatriate about $800 million in dividends from stakes in Russian energy assets due to sanctions, the industry sources said.