LN Mittal opts out of Kazakh oil field venture with ONGC

Dec 03, 2009 01:00 AM

Steel magnate Lakshmi Mittal has pulled out of a project to develop an oil field in Kazakhstan in partnership with Indian company Oil and Natural Gas Corporation (ONGC) and is looking for buyers for its stake in another company in the Central Asian nation.
Mittal Investment (MI), the holding company of Mittal family, had used the Kazakh government to muscle its way into the Satpayev oilfield in the Caspian Sea where ONGC Videsh Ltd (OVL) was shortlisted for a stake. However, just on the eve of signing an agreement for the field, MI decided to pull out, sources knowing about the development said.

OVL which had in 2007 relented to the Kazakh condition of getting Mittal in the highly prospective field, has written to Almaty, saying the 25 % stake in Satpayev would now be acquired by it and not by ONGC-Mittal Energy -- the joint venture it had with Mittal.

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