BL reported that promoters of ONGC Mittal Energy Ltd, ONGC and Mr LN Mittal would like to tread cautiously on their future oil and gas projects in the backdrop of the current global economic scenario.

Last month, the promoters of the joint venture met and deliberated on the future strategy for OMEL. Emphasizing that ONGC has a very purposeful association with the Mittal Group.

Mr RS Sharma CMD of ONGC said that “We would be reviewing our strategy from time to time depending on the situation. We are working on a number of business issues on case to case basis.”

Mr Sharma said that “OMEL is working at various blocks in Nigeria and Syria. We have a very vibrant relationship.”

Mr Sudhir Maheshwari group management board member of ArcelorMittal told Business Line that “Promoters of OMEL meet regularly to discuss various strategies and issues for the benefit of the joint venture.”

Meanwhile, ONGC and Mittal are also working out a strategy to transfer Mittal’s stakes in Caspian Investment Resources to OMEL.

OMEL is a joint venture between ONGC’s overseas investment arm ONGC Videsh Ltd and Mittal Investments, the private investment company of the Mittal family.

(Sourced from Business Line)