Gazprom Neft And Transneft To Lose Out To Kazakhstan?

India's Oil and Natural Gas Corporation (ONGC) has confirmed that its international arm ONGC Videsh Ltd (OVL) is interested in acquiring a stake in Kazakhstan's MangistauMunaiGaz (MMG). There has been much speculation about MMG as a potential takeover target as it has become one of Kazakhstan's largest oil producers. State-owned KazMunaiGaz (KMG) has now received government approval to acquire a controlling stake in MMG from Indonesia's Central Asia Petroleum (CAP, a subsidiary of PT Medco), which itself bought a 60% stake in MMG in 1997.

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