NEW DELHI (Reuters) - ConocoPhillips’ (COP.N) partners in Kazakhstan’s Kashagan field have 60 days to exercise pre-emption rights to prevent India’s ONGC Videsh from buying an 8.4 percent stake held by the U.S. company, the Indian firm’s managing director said.
D.K. Sarraf told Reuters the Kazakhstan government has six months to approve the deal after expiry of the 60-day period for the partners to express their right of first refusal.
“The deal has to be approved within 240 days,” Sarraf said.
Kashagan field is jointly controlled by state-run KazMunaiGas and six international companies, including Eni (ENI.MI), ExxonMobil (XOM.N), Inpex Corp (1605.T), Royal Dutch Shell (RDSa.L), and Total (TOTF.PA).
Reporting by Nidhi Verma; Editing by Anand Basu