Russia approves less funds for Sakhalin-1 oil project

Russia has approved a 2010 budget of $2.7 billion for the ExxonMobil-led Sakhalin-1 oil project, "significantly" less than what the operator asked for, Energy Minister Sergei Shmatko told journalists on Monday.
"Just a few days ago the government authorities approved a budget of $2.7 billion....We significantly lowered (the sum) requested by the operators," Shmatko said.
[Read more]
Source: Reuters