Re-registration of ONGC's stake in Sakhalin-1 project underway - Novak

MOSCOW. July 9 (Interfax) - The process of re-registering Indian ONGC's stake in the Sakhalin-1 production sharing project is underway, Deputy Russian Prime Minister Alexander Novak told reporters.

"Yes, the Indian company is still participating in Sakhalin-1. The process of re-registering this stake is now underway," he said.

It was previously reported that ONGC is having problems registering its share in the new operator of the Sakhalin-1 project. The Indian company received its share of the project's liquidation fund - 143.24 billion rupees or around $1.4 billion - back in April 2023, but was unable to transfer it to Sakhalin-1 LLC due to sanctions imposed on Russian banks and counter-sanctions measures from Russia. ONGC noted that it is negotiating with the new project operator about possible alternative ways to transfer the assets.