N K Nayyar resigns as ONGC-Mittal Energy's CEO

NEW DELHI: Naresh K Nayyar, the chief executive officer of steel baron Lakshmi N Mittal's joint venture with state-run ONGC Videsh Ltd, has resigned.

London-based Nayyar submitted his resignation on August 14, sources in ONGC said. While Nayyar was not reachable for comments despite repeated attempts, ONGC sources could not give any reason for the resignation.
   
Nayyar was appointed the first CEO of OMEL when it was formed in July 2005. Prior to joining OMEL, Nayyar was Director (planning and business development) in state refiner Indian Oil Corp. A chartered accountant by qualification, Nayyar joined IOC board in 2003. Prior to that, he handled international trade of the country's largest oil firm.

Sources said Nayyar's contract with OMEL provides for a three-month notice period prior to exit.
   
OMEL was set up to leverage strengths of ONGC and Mittal to acquire oil and gas assets in 27 countries. Since 2005, the company has bagged two lucrative oil blocks in Nigeria, one gas block in Trinidad and Tobago, an oilfield in Syria and a gas block in Turkeministan.

It is also on the verge of taking over Oman Oil Company's stake in the Caspian Pipeline Consortium (CPC). Besides, Mittal's acquisition of half of Caspian Investment Resources, an arm of Russia's top oil producer LUKOIL for 980 million dollar, is also slated to go to OMEL.

ONGC Videsh Ltd, India's flagship firm for overseas asset acquisition and a subsidiary of ONGC, and Mittal Investment Sarl, investment holding arm of Mittal Steel, had in 2005 come together to set up ONGC-Mittal Energy for acquiring oil and gas properties abroad.