New Delhi, July 25: Steel baron Lakshmi N Mittal today said he planned to transfer the Kazakhstan oil assets that he acquired from Russia’s Lukoil to his joint venture firm with ONGC Videsh Ltd.

“All this is under process and there is a commitment ... this joint venture has the first right of refusal,” Mittal said.

However, ONGC Videsh officials remained sceptical of Mittal’s intentions. ONGC Videsh and Mittal had formed ONGC Mittal Energy Ltd to scout for oil and gas assets globally.

In his first major oil deal in December, Mittal, through Mittal Investments, bought 50 per cent of Caspian Investment Resources, a subsidiary of Lukoil, for $980 million.

The acquisition was to be done by ONGC Mittal Energy, the 50:50 joint venture between ONGC Videsh and Mittal Investment.

However, Mittal went ahead on his own, citing opposition to ONGC Mittal Energy from Lukoil.

He has since been delaying transferring the assets, saying the Kazakhstan government is opposed to such a move.

Shares of ONGC, the parent of ONGC Videsh, were up 1.15 per cent at Rs 926 in a weak Mumbai market today where the sensex closed 0.7 per cent lower.

Caspian Investment Resources has equity in five Kazakh oil fields — Alibekmola, Kozhasai, Northern Buzachi, Karakuduk and Arman — in the Aktyubinsk and Mangistau regions.