Mittal joins forces with LUKoil Caspian unit

Dec 12, 2006 01:00 AM

Russia's top oil producer LUKoil said that Mittal Investments has bought half of its subsidiary Caspian Investment Resources for $ 980 mm and it will also take on about $ 160 mm in debt.
"After completion of the deal, which is expected in early 2007, Caspian Investments Resources will become a joint venture of LUKoil Overseas and Mittal Investments," LUKoil said.

Caspian Investment Resources is LUKoil’s wholly owned subsidiary for international upstream projects.
It was the vehicle LUKoil used to buy Canada's Nelson Resources last year.

Source: OGJ
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