Lukoil, Mittal Form Kazakhstan JV

Lukoil Overseas has completed the sale of a 50% share in Caspian Investments Resources Ltd. to Mittal Investments.

Caspian, formerly a 100% subsidiary of Lukoil Overseas, is now a 50/50 joint venture between Lukoil Overseas and Mittal Investments with oil producing assets in Kazakhstan. The value of the deal is US$980 million.

Mittal Investments has also assumed a commitment to fund 50% of the outstanding debt of Caspian Investments Resources Ltd.--an amount equal to approximately US$175 million.