New Delhi, Mar 4: Lakshmi N Mittal's proposal to transfer the Kazakhstan oil fields, which he acquired from Russia's Lukoil, to his joint venture firm with state-run ONGC Videsh Ltd has hit a fresh hurdle with a new Kazakhstan energy law putting barriers for transfer of ownership.

"They (Kazakhstan) have announced that for every transfer (of oil and gas assets from one company to another) or change of ownership, they take half of the equity ownership... that is an issue," ArcelorMittal President and Chief Financial Officer Aditya Mittal told PTI here.

Mittal Investment Sarl, the holding company of Mittal family's interest in ArcelorMittal, had in April 2007 acquired Russian oil firm Lukoil's 50 per cent stake in Caspian Investments Resources for 980 million dollars.

The acquisition was originally to be done by ONGC Mittal Energy Ltd, the equal joint venture of OVL and Mittal Investment, but the India born billionaire went ahead on his own citing opposition to OMEL from Lukoil. He has since been delaying transferring the assets to OMEL citing opposition to such a move by the Kazakhstan government.

"We have to work (on such) regulatory issues and find solutions so that we achieve success," Mittal said.

Kazakhstan's new law stipulates its national oil firm KazMunaiGaz taking half of the ownership at every equity transfer, thereby nationalising most of the oil and gas field in the country over the next decade or more.

"We are working with them to effect the transfer," he said.