ONGC Videsh Offers to Sell Sokol Crude Oil for February Loading

By Christian Schmollinger

Nov. 27 (Bloomberg) -- ONGC Videsh Ltd., the overseas unit of India's state-run explorer, offered to sell 700,000 barrels of Sokol crude oil from the Sakhalin-1 project for shipment in February, the company said in an e-mailed document.

Details of the offer are as follows:

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Crude oil:    Sokol crude oil
Quantity:     700,000 barrels
Loading:      Feb. 7
Port:         DeKastri Terminal, Russia's Far East
Bids close:   Dec. 4
Bid validity: Dec. 5, 8 p.m. India time
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ONGC Videsh, a wholly owned unit of Oil & Natural Gas Corp., is entitled to a share of Sokol crude from the Sakhalin- 1 project because it is one of the investors. Other partners include Exxon Neftegas Ltd., Japan's Sakhalin Oil & Gas Development Ltd. and two affiliates of OAO Rosneft.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.