India’s Oil & Natural Gas Has Bid for PetroKazakhstan

India’s Oil & Natural Gas Corp. and steel billionaire Lakshmi Mittal offered to buy PetroKazakhstan Inc., the third-largest oil producer in Kazakhstan with a market value of $3.3 billion, to boost the south Asian nation’s supply.

The Indian company submitted a bid yesterday, Chairman Subir Raha said in a phone interview today. More than one offer was received, Calgary-based PetroKazakhstan said in a statement yesterday, without giving details. PetroChina Co.’s Hong Kong- based spokesman Mao Zefeng wouldn’t comment on reports that the Chinese company’s parent may have bid.

Bloomberg