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India hopes to seal deal for Kazakh block in Jan
NEW DELHI |
NEW DELHI Jan 15 (Reuters) - India is expected to sign an agreement with the Kazakhstan government later this month for acquiring interest in the Satpayev exploration block, Oil Secretary R. S. Pandey said on Thursday.
"The President of Kazakhstan will be coming to India on the eve of our Republic Day...We are in discussions, I had gone there for discussions. The discussions will take final conclusion only at that time", Pandey told reporters on the sidelines of the Petrotech conference.
"We will be happy if they allow us some stake," he said. Kazakhstan's President Nursultan Nazarbayev will be the guest of honour at India's Republic Day.
Last week an oil ministry official had said that India's ONGC Videsh is close to buying a stake of up to 40 percent in the Satpayev block. [nDEL10493]
In 2005, the Kazakh government signed a memorandum of understanding with ONGC for the offshore block Satpayev with estimated reserves of 1.85 billion barrels, but did not reach a firm agreement.
(Reporting by Nidhi Verma)
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