Kazakhstan is going to revise contracts with license holders

There are more than 170 license holders that do not fully comply with contract requirements

Kazakhstan is going to revise contracts and licensees which do not fully meet the requirements of Kazakhstan’s government. This statement was made at the meeting on mineral resources and oil under the chairmanship of Roman Sklyar, the first deputy prime minister, the cabinet’s press service reported.

During the inspection of license holders’ activity, a low level of obligations fulfillment on 148 contracts in the area of solid natural resources and 27 contracts in the oil industry have been found by the authorized body.

PRESS SERVICE OF THE CABINET OF KAZAKHSTAN

Under the Road Map conditions, the government is now going to determine specific contracts and licenses which have to be terminated. Once this work is done, all these natural deposits will be set on auction to be transferred to new investors.

Mineral rights or licenses might be obtained by any investor in a fair competition on auction. The law requires that all the information about such auctions must be published in national outlets and official websites of the state agencies.

It is expected that after all these measures the inflow of investments into the natural resources industry will be increased, especially in the sphere of solid commercial minerals, the cabinet’s press service highlighted.

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