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India s ONGC willing to wait to regain oil from Russian project

India s Oil and Natural Gas Corp (ONGC) is willing to wait for its share of crude from a Russian project it partly owns due to difficulties in shipping Russian oil. ONGC Videsh, the overseas investment arm of ONGC, has regained its 20% stake in the Sakhalin-1 oil and gas project and is in talks with Russian officials and shareholders to resume oil production. Western sanctions on Russian oil have made it difficult to secure insurance and shipping.

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