ONGC and the LN Mittal Group, through their
recently formed joint venture, will bid for acquiring equity stake in
Petrokazakh -- an integrated petroleum company in Kazakhstan.
Based in Calagry in Canada, Petrokazakh has
operations in oil exploration, refining and pipelines in Kazakhstan. Its proved
and probable oil equivalent reserves have been assessed at 550 million barrels.
The company posted net sales of $1.6 billion and a net profit of $500 million in
2004.
Other contenders for Petrokazakh include Chinese
National Petroleum Co and Russia-based Lukoil.
Also See:
ONGC-Mittal
in pact for overseas joint ventures (24-Jul-05)