Moneycontrol | India will weigh what Russia has to offer on Sakhalin-1 ownership revamp

Oct 11,2022

India maintains a "healthy dialogue" with Russia and will look at what is offered following an announced ownership revamp to the Sakhalin-1 oil and gas project, Petroleum Minister Hardeep Singh Puri told Reuters.

Russia last week issued a decree allowing it to seize Exxon Mobil's 30% stake and gave a Russian state-run company the authority to decide whether foreign shareholders including India's ONGC Videsh can retain their participation in the project.

"We'll look at what is the state of play and what's on offer," Petroleum Minister Hardeep Singh Puri told Reuters in an interview on Monday following meetings with U.S. oil executives in Houston.