LUKOIL OVERSEAS AND MITTAL INVESTMENTS
SIGN AGREEMENT REGARDING UPSTREAM ASSETS IN KAZAKHSTAN
LUKOIL Overseas and Mittal Investments have signed an agreement to sell LUKOIL Overseas’ 50% interest in Caspian Investments Resources Ltd.
Caspian Investments Resources Ltd. was a 100%-owned subsidiary of LUKOIL Overseas. After the completion of the deal, which is expected in early 2007, Caspian Investments Resources Ltd. will become a joint venture of LUKOIL Overseas and Mittal Investments.
The total size of the deal between LUKOIL Overseas and Mittal Investments is US$980 million. Besides that Mittal Investments will assume the responsibility for the 50% of Caspian’s outstanding debt (50% of which is approximately US$ 160 million).