The LN Mittal group is mulling to back out of the oil and gas exploration
projects it was developing jointly with ONGC in Trinidad & Tobago and
Kazakhstan, due to the global meltdown and fall in oil prices.
Both companies were to develop two projects - NCMA-2 block in Trinidad and
Tobago and Satpayev block in Kazakhstan - under their JV ONGC Mittal Energy.
According to sources, a thorough analysis of the Trinidad project has been
carried out in view of the impact the current economic situation on the oil and
gas industry, and the Mittal group does not believe that it is wise to continue
with the project at this time.
Also See:
ONGC-Mittal to
acquire 25 per cent stake in Satpayev oilfield (24-Jan-09)