OREANDA-NEWS. LUKOIL Overseas and Mittal Investments have signed an agreement to sell 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.

Caspian Investments Resources Ltd. owns interests in oil producing assets in the fields Alibekmola, Kozhasay, North Buzachi, Karakuduk and Arman (Aktubinsk and Mangistau regions of Kazakhstan).

The total cost 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 currently approximately US $160 million).