Kazakhstan offers oil block

New Delhi, Oct 13 (UNI) Kazakhstan has offered 50 per cent stake in an oil block in Caspian sea to the joint venture of ONGC and Mittal Steel in return for India's support for its entry into the World Trade Organisation (WTO).

The Central Asian country now wants steel baron Lakshmi N Mittal to be included in the venture. Kazakhstan energy and mineral resources minister Baktykozha Izmukhambetovs offer, at the meeting of the Indo-Kazakh joint commission, is a deviation from the original offer of 50 per cent stake in either Satpayev or Makhambet blocks to ONGC Videsh Ltd.

Petroleum Minister Murli Deora rejected the condition of India supporting Kazakhstan for WTO membership for award of the Satpayev block but was agreeable to ONGC Mittal Energy Ltd (OMEL) - the joint venture company floated by ONGC and Mittal Steel - taking stake in the block.

"When Kazakhstan joins WTO, any company can participate in projects in a more transparent manner," Izmukhambetov said, adding the Central Asian country was waiving the tendering process in allotting the Satpayev oilfield to OMEL.

Kazakhstan has also invited Indian firms to invest in petrochemcials, textile, metallurgical and aluminimum plants being planned in Special Economic Zones.

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