Mittal mulls to transfer Lukoil assets to ONGC JV

New Delhi, July 25 (UNI) The Mittal Group, which has assets in Russian leading oil producer Lukoil, today said it is gearing up to transfer assets to ONGC Mittal Energy Ltd, a joint venture (JV) between Mittal and state-run ONGC Videsh Ltd.

''The matter is under consideration and there is a commitment,'' Mittal Group head Lakshmi Niwas Mittal told reporters here, adding that the JV has the first right of refusal.

The steel tycoon had acquired the Kazakhstan oil assets from Russia's Lukoil.

ONGC Mittal Energy Ltd was formed to scout for oil and gas assets across 21 countries, including Kazakhstan, Turkmenistan, Azerbaijan and Indonesia.

Mittal Investments had bought 50 per cent stake in Caspian Investment Resources, a subsidiary of Lukoil for 980 million dollars last year.

UNI