Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Sakhalin To Build Rig

MOSCOW () -- One of Russia's largest foreign oil consortiums edged a step closer to production Friday when it awarded a $35 million contract to the Amur Shipbuilding Plant for a platform for its offshore project.

Sakhalin Energy Investment Co. Ltd. said the platform is intended for use starting in 1998 in its $10 billion Sakhalin-II project off the Far East island of Sakhalin.