THE Indian cabinet has agreed to let the state-owned Oil & Natural Gas Corp (ONGC)invest in the E...
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ONGC will act through its ONGC Videsh Ltd (OVL) arm. OVL will be allocated US$1.1 billion to pump into the project, which is located in Russia’s Far East. The firm currently holds a 20% stake in Sakhalin-1 from a US$1.7 billion buy-in in 2001.
India currently imports 70% of its petroleum needs.
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