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OVL may take stake in Sakhalin-III project

ONGC Videsh (OVL), the wholly-owned subsidiary of ONGC, is looking at participation in the Sakhalin-III project off the coast of Russia.

R S Sharma, chairman of ONGC, said: "We are making efforts. We would not like to comment at this stage."

Agency reports said that OVL was keen to take 49% state in a three-way venture with Russia's Gazprom and Rosneft.

ONGC has 20% stake in Sakhlin-1, which is already under production. India is not a participant in the troubled Sakhalin-II project, which is facing Russian government's ire for alleged environmental violations.

© Business Standard

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