Mittal Dives Into Refinery Business
Ruth David, 21 Feb 2007, Forbes
Steel baron Lakshmi Mittal is turning his hand to oil refining. His Luxembourg-based Mittal Investments is paying $720 million for a 49% stake in a refinery being built by the state-run Hindustan Petroleum Corporation, it was announced Tuesday.
It’s the latest in a string of recent oil ventures by the Arcelor Mittal chief, fifth on the Forbes rich list, as he has sought to diversify his holdings. Mittal has struck exploration deals in Russia and Nigeria, but this is the first time he has put money into downstream projects.
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