News and analysis from Kazakhstan - Sep 03rd 2010
energy
Energy Ministry has no information on Mittal’s decision to leave Kazakh oil project
(SRI) - Steel tycoon Lakshmi Mittal has not yet notified Kazakh authorities of his intention to pull out of his oil exploration projects in the Caspian Sea, Kazakh Energy Minister Sauat Mynbayev said on Thursday.
On Wednesday, Indian Economic Times newspaper reported that Mittal has pulled out of a project to develop the Satpayev oil block in Kazakhstan with Indian joint venture partner Oil and Natural Gas Corp.
“We have not been informed. When we are informed [about the decision], we will take action,” Mynbayev said.
He explained that foreign companies that want to exit oil and gas projects in Kazakhstan “are subject to certain procedures related to right of first refusal by the state.”
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