icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Mittal Steel to pay $US 1 BLN for Lukoil's subsidiary

Mittal Steel to pay $US 1 BLN for Lukoil's subsidiary
Leading international steel company Mittal is buying into Russian oil. Its investment arm is buying 50% of Russian oil company Lukoil's Caspian Resources subsidiary  for nearly $US 1 BLN.

Mittal will become an equal partner with Lukoil in the project, and take on more than $US 150 MLN in debt.

But analysts are questioning the profitability of the move for the Russian company. Lukoil is selling-off half of an asset it bought a year ago, for close to the purchase price.