Mittal Investments, a subsidiary of Mittal Group, Indore, India, (NYSE: MT; Bombay: 511672) plans to acquire half of the Caspian Investment Resources Ltd. subsidiary of Lukoil, Moscow, (Hamburg: LKOH) for US$980 million plus US$160 million in assumed debt for a total deal valued at US$1.14 billion. Caspian Investment's assets include interests in the Alibekmola, Kozhasay, North Buzachi, Karakuduk and Arman fields in the Aktubinsk and Mangistau regions of Kazakhstan. It acquired Canada-based Nelson Resources in 2005, which has production of 30,000 barrels of oil per day and proved-plus-probable reserves of approximately 270 million barrels in Kazakhstan.
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