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Indian steel tycoon Lakshmi Mittal is unlikely to transfer the Kazakh oil and gas assets he bought from Russia's Lukoil to his joint venture with Indian state Oil and Natural Gas Corp. (ONGC) because of a new Kazakh energy law ( IOD Jul.26,p1).
"Kazakhstan is in the midst of reworking its energy policy. They have announced that for every transfer [of oil and gas assets] or change of ownership, they take half of the equity ownership. That is an issue," ArcelorMittal President and Chief Financial Officer Aditya Mittal said in New Delhi Tuesday.