Mittal to exit Trinidad project with India's ONGC

MUMBAI, April 7 Tue Apr 7, 2009 12:46am EDT

MUMBAI, April 7 (Reuters) - The LN Mittal group will exit an oil and gas exploration project it was developing with India's state-run Oil & Natural Gas Corp (ONGC.BO) in Trinidad and Tobago, the Economic Times reported on Tuesday.

An ONGC spokesman confirmed the Mittal group's planned exit from the block.

"The project was in the appraisal stage. This is one such case where nothing has been done yet and nothing has been decided on the share of parties," the spokesman told Reuters.

ONGC Mittal Energy Ltd holds a 65 percent interest in the NCMA-2 block in Trinidad and Tobago, the paper said.

"We have carried out a thorough analysis of the Trinidad project in view of the impact the current economic situation is having on the oil and gas industry, and do not believe it is prudent to continue at this time," Mittal Investments told the paper in an email. (Reporting by Ami Shah; Editing by John Mair)

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