Transmeridian Exploration, Inc (fka TMYEQ)

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New Delhi: Steel czar Lakshmi N Mittal is mulling floating an oil and gas company as part of his inorganic growth path for achieving bid in the hydrocarbon sector.

Mittal is likely to transfer oil and gas assets he has acquired over the past two years to the new firm, industry sources said.

Currently, Mittal family's holding company Mittal Investment holds the 50 per cent stake the steel baron had acquired in Kazakhstan oil firm Caspian Investment Resources and the three per cent stake in Chevron-operated Olokola LNG (OK-LNG) project in Nigeria.

The new company will takeover these and possibly also Mittal's 49 per cent stake in Hindustan Petroleum Corp Ltd's Bhatinda refinery, they said.

The new firm will be besides Mittal's joint venture with Oil and Natural Gas Corp, ONGC-Mittal Energy Ltd. OMEL, which was set up to leverage strengths of the two giants to acquire oil and gas assets in 27 countries, has since 2005 bagged two lucrative oil blocks in Nigeria, one gas block in Trinidad and Tobago, an oilfield in Syria and a gas block in Turkmenistan.

Sources said OMEL may continue to work along side, even though Mittal is withdrawing the Chief Financial Officer H Bhantia he had loaned to the venture. OMEL is without a CEO since August 2007 when Naresh K Nayyar resigned to join Essar.

Mittal's new company may also trade in oil and gas after his venture for the purpose with ONGC, ONGC Mittal Energy Services Ltd, folded up last year.

Sudhir Maheshwari, Mittal's acquisition man, is likely to head the new venture, sources said. Maheshwari currently is Executive Vice President (Finance and M&A) in ArcelorMittal.

http://economictimes.indiatimes.com/Corporate_Trends/Lakshmi_N_Mittal_may_float_oil_firm_/articleshow/3001924.cms

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Is ONGC India still interested in Transmeridian?

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ONGC mulls takeover of US listed oil firm

Oil and Natural Gas Corporation (ONGC) is mulling a takeover of the US-listed oil firm, Transmeridian, that has 211-million-barrel reserves in Kazakhstan.

Transmeridian is listed on the AMEX Stock Exchange and independent valuers put its value at over $1.5 billion.

Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now. The company has done preliminary due diligence and it is expected to take a decision anytime now, industry sources said.

The sources said as per the US law OVL had two options to takeover Transmeridian — make offer directly to company shareholders for purchase of shares or make a merger proposal under which 100 per cent of the company is acquired with board and shareholder approving the OVL’s offer.

(Source: Business Standard)

http://www.whatisindia.com/issues/ongcpucs/ongcpucs_more.html

http://www.newindpress.com/NewsItems.asp?ID=IEB20070723141421&Page=B&Title=Business&Topic=0&