OVL seals $400m Kazakh deal - Calcutta Telegraph

State- owned ONGC Videsh plans to spend $400 million for the 25 per cent stake in Kazakhstan’s oil and gas assets it secured today after six years of negotiations.

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The energy pact to buy a 25 per cent stake in the Satpayev exploration block in the Caspian Sea was signed between ONGC Videsh Ltd (OVL) and Kazakhstan’s national company Kazmunaigas during Prime Minister Manmohan Singh’s trip to the mineral-rich country.

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India has been trying to gain a foothold in Kazakhstan oil reserves for a long time and the two countries took more than six years to finalise the agreement.

OVL seals $400m Kazakh deal - Calcutta Telegraph