India Sells Sakhalin Oil

The Indian state-owned company ONGC Videsh has put up for sale 700 000 barrels of Sokol oil, produced by the Sakhalin I project. The auction for purchase of the parcel of oil will close on March 4, ITAR TASS reports.
ONGC Videsh is one of the holders of the Sakhalin I project. The Indian company has a long-term strategy of turning the Russian sort Sokol into a standard for the commodity exchanges of the Southeast Asia and Hindustan Peninsula.
Traders of the London Oil Exchange note that Sokol is rapidly strengthening its positions as one of the best oil sorts. The process is developing against the backdrop of exhausting North Sea deposits which produce the famous Brent oil. In the nearest decades Brent is expected to run low and disappear.