World’s fifth-richest person and chief executive officer of the largest steel producer Arcelor Mittal, Lakshmi N Mittal said on Wednesday that he plans to transfer the Kazakhstan oil assets, he acquired recently for $980 million from Russia’s Lukoil, to his joint venture firm with ONGC Videsh Ltd (OVL).
In April, Mittal had acquired the Russian oil firm Lukoil’s 50% stake in Caspian Investments Resources (CIR). CIR has equity in five Kazakh oil fields—Alibekmola, Kozhasai, Northern Buzachi, Karakuduk and Arman—in the Aktyubinsk and Mangistau regions. Current production from the fields, which have total proven reserves of some 270 million barrels, is more than 40,000 barrels per day and is set to increase in the coming years.
Read more in Financial Express
