Caspian Investments Resources Ltd., formerly a 100% subsidiary of LUKOIL Overseas, has now become a joint venture between LUKOIL Overseas and Mittal Investments with each company owning 50%.

Caspian Investments Resources Ltd. owns the Alibekmola, Kozhasay, North Buzachi, Arman, Karakuduk and Arman fields in Kazakhstan (Aktyubinsk and Mangistau regions of Kazakhstan).  In addition, in November 2006 Caspian Investments Resources Ltd. and KazMunaiGaz, Kazakhstan’s national petroleum company, signed an agreement under which; after meeting certain conditions precedent, Caspian Investments Resources Ltd. will obtain control over 25% of Zhambay LLC, which is carrying out exploration on Zhambay South and South Zaburunye blocks in Kazakhstan’s sector of the Caspian Sea.

The value of the deal between LUKOIL Overseas and Mittal Investments is US$980 million. In addition, Mittal Investments has assumed a commitment to fund 50% of the outstanding debt of Caspian Investments Resources Ltd., an amount of equal to approximately US$175 million.