PetroKaz rebid decision awaits clarity in Kazakh law: Mittal

The ONGC-Mittal combine is awaiting clarity in Kazakhstan law before deciding on making a revised bid for PetroKazakhstan.

"Kazakhstan has amended its oil policy and has preemption rights in any deal where foreign companies acquire Kazakh firms. We will wait for clarity before deciding on the rebid," Lakshmi N Mittal, Mittal Group chairman and CEO told reporters in New Delhi.

ONGC and the Mittal Group combined $3.98 billion bid for PetroKazakhstan was outbid by China National Petroleum Corporation, which bid $4.18 billion for the Canadian firm with operations in Kazakhstan.

The Kazakhstan government has the final authority in clearing any takeover bid and can use its preemption rights to block any deal.

"There was a process in the bid for PetroKazakhstan. We have not succeeded and at the moment we are looking at options. Once things about Kazakh law are clear, we will be able to firm up our view on a rebid," Mittal said.

He said the ONGC-Mittal combine was looking at oil properties in Central Asia, Eastern Europe and Africa.