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India primed to hand Putin lifeline by replacing US in huge Russian gas deal
India has announced that it is considering plans to invest in Russia’s Sakhalin-1 oil and gas project in the country’s far east, potentially replacing a major US-owned stake.
Last week, Russian President Vladimir Putin signed a decree, seizing the project that was previously led by the Exxon Mobil Corp. This decree hands the Kremlin authority to decide whether foreign shareholders can retain stakes in the project.
The decree also gave Rosneft, a Russian state-run company, the authority to decide whether foreign shareholders including India’s ONGC Videsh can retain their participation in the project. Experts have previously predicted that as relationships sour between Russia and the West, India may step in and purchase Exxon-Mobil’s stake in Sakhalin- 1.
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