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India's ONGC Still Trying to Transfer It's Sakhalin-1 Stake

OIL

India’s ONGC is still trying to transfer its share of assets in Russia’s Sakhalin-1 project from the old Sakhalin-1 PSA project to a new operator (Sakhalin-1 LLC) according to CEO for Finance of ONGC Videsh Limited Vinod Hallan.

  • It was previously reported that ONGC is having problems registering its share in the new operator of the Sakhalin-1 project due to sanctions imposed on Russian banks.
  • ONGC said that it is negotiating with the new project operator about possible alternative ways to transfer the assets.

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