BAKU, Azerbaijan, July 22. Terms for obtaining the right to subsoil use on hydrocarbons have been simplified in Kazakhstan, Trend reports via the Kazakh media.
According to the media, the updated terms have included:
- increase of the number of auctions held from two to four during the year;
- transfer of the right to sign a contract to the auction participant who offers the largest signature bonus following the auction winner, if the initial winner of the auction won’t comply with the requirements of the legislation on subsoil and subsoil use imposed on the auction winner (previously, in this case, the subsoil plot was repeatedly put up for auction, which increased the time for its involvement in the development and use);
- submission of a completed list of documents in the form of information on the availability and number of a bank account, an extract on the balance of money on a bank account, or an agreement on raising funds as confirmation of the sufficiency of financial resources to meet the minimum requirements for work on the subsoil plot during the exploration period;
Introduction of a guarantee fee equal to:
- two times the size of the starting size of the subscription bonus, determined in accordance with the tax legislation of Kazakhstan (in case of granting the right to subsoil use for exploration and production of hydrocarbons);
- a single size of the starting amount of the subscription bonus, determined in accordance with the tax legislation of Kazakhstan (in case of granting the right to subsoil use for the extraction of hydrocarbons);
Besides, according to the updated terms, the applicant won’t submit information available in the information systems of state bodies.
These amendments will come into effect on January 1, 2023.
