Mittal pulls out of oil block jv with ONGC -report
MUMBAI, Nov 18 (Reuters) - Steel magnate Lakshmi Mittal has pulled out of a project to develop an oil block in Kazakhstan with Indian joint venture partner Oil and Natural Gas Corp (ONGC.BO: Quote, Profile, Research), signalling the approaching end of a difficult relationship, the Economic Times said on Wednesday.
"Mittal Investments has decided that it does not wish to pursue the investment opportunity in Satpaev. This will be developed by ONGC Videsh alone," the newspaper cited an unnamed Mittal group representative as saying.
ONGC Mittal Energy was to have acquired a 25 percent stake in Satpaev block from state-owned KazMunaiGaz and invested a total of $400 million in the project.
The board of ONGC Videsh, the overseas arm of ONGC, met on Tuesday and decided to write to the Kazakh government and move towards acquiring Mittal Investments' interest in Satpaev, the paper said.
An ONGC spokesman could not be immediately reached for comment. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)
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