ONGC to Ink Kazakh Block Deal

摘要

India's Oil and Natural Gas Corp. (ONGC) will soon sign a deal to take a 25% stake in Kazakhstan's offshore Satpayev Block, according to sources at state-controlled Kazmunaigas, which will retain the remaining 75% in the project-operating company. The accord is expected to be inked during Indian Prime Minister Manmohan Singh's visit to Kazakhstan today and tomorrow. The Indian state firm's entry into the field, through international arm ONGC Videsh, has always been negotiated on an intergovernmental level, although it has taken several years to finalize. Indian steel magnate Lakshmi Mittal was originally supposed to be involved in the tie-up before pulling out (IOD Nov.20'09,p8).