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Kazakhstan: We Make You An Offer You Can't Refuse

We have offered ONGC-Mittal Energy Ltd 20-25 percent stake during exploration stage and after oil is discovered

Kazakhstan offered Indian Joint Venture of state owned Oil and Natural Gas Corporation (ONGC) and a joint venture of ONGC and Mittal Steel, Mittal Energy Ltd., up to 25 per cent stake in its Caspian Sea exploration block Satpayev.

"We have offered ONGC-Mittal Energy Ltd 20-25 percent stake during exploration stage and after oil is discovered, the Kazakh law will govern the division," visiting Kazakhstan Energy and Mineral Resources Minister Baktykozha Izmukhambetov at the conclusion of a two-day meeting of the India-Kazakhstan joint commission at Delhi Friday.

As per laws of Kazakhstan, the country through its state-owned company Kazmunaigaz holds 50 percent stake in all exploration blocks.

India at the Sixth India-Kazakhstan Joint Commission meet was led by country's Petroleum Minister Murli Deora.

The Kazakh Minister also invited Indian companies to compete for several of the tenders being floated for major industrial clusters being set up in the country.