Two state refiners to buy Sakhalin-1 oil

Two Indian state-run refiners have won the contract to buy 1.4 million barrels of Russian oil from ONGC’s Sakhalin-1 project, according to people familiar with the matter.

ONGC Videsh, overseas arm of the state-run explorer, has a 20% stake in the Sakhalin-1 project in Siberia and is responsible for sale of its share of oil from the project. The company didn’t receive any bid for its tender to sell 700,000 barrels of oil from Sakhalin-1 two weeks ago.