India banks on Russian ‘oil diplomacy’; Delhi awaits Moscow offer on ONGC Videsh

Union Petroleum Minister Hardeep Puri has told Reuters that India will weigh what Russia has to offer over Sakhalin-1 oil project's ownership revamp. He added that India maintains a healthy relationship with Russia. Vladimir Putin issued a decree last week, allowing Russia to seize Exxon Mobil's 30% stake and gave a state-run company the authority to decide whether foreign shareholders including India's ONGC Videsh can retain their participation in the project. Watch this video for more details.