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Energy Ministry developed new bill on subsoil use

Astana. August 6. Kazakhstan Today - The Ministry of Energy and Mineral Resources of Kazakhstan has developed new bill on subsoil use. The Minister of Energy and Mineral Resources, Sauat Mynbayev, informed at the expanded government session, the agency reports. "Work on suspension of contracts has shown significant blanks in legislative provision of rights and duties of subsoil users. With this purpose the Ministry of Energy and Mineral Resources has submitted for consideration of the ministries and departments a new bill on subsoil use," S. Mynbayev said. "Old Laws on Oil, Subsoil Use, and agreement on division of production are expected to be changed." "There will be no combined contracts on exploration and extraction. There will be exploration and extraction procedures and it all will be defined thoroughly," S. Mynbayev informed. Tender procedure has been changed. "Winners will be defined only on the basis of bonus and social deductions. All the other positions are compulsory minimum requirements," he noted. S. Mynbayev reminded that from November till December of 2007 84 contracts on subsoil use have been cancelled.

Resourse: Kazakhstan Today

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