Kazakhstan to issue licenses to investors to develop 20 new fields

7 February 2013 - 5:12pm


The Kazakhstan Sovereign Wealth Fund, Samruk-Kazyna, is preparing a list of fields where licenses for development will be issued to potential investors after lifting a moratorium on the development of hydrocarbon fields, told chairman of the Kazakhstan Sovereign Wealth Fund Samruk-Kazyna, Umirzak Shukeyev, told a meeting of the Fund Board with the participation of Prime Minister Serik Akhmetov.

He said about 20 fields will be included in this list.

"We are preparing a list of fields, probably 20 of which are planned to be given over for development," Shukeyev said.

According to Shukeyev, in parallel, proposals are being prepared to simplify procedures for issuing, as investors' interest in fields remain for six or seven months and then becomes weak.

The moratorium on the development of new oil fields will be lifted in Kazakhstan in 2013, Oil and Gas Minister Sauat Mynbayev said earlier. A moratorium on the issuance of licenses for subsoil use was introduced in 2008, when the government began to develop a new tax law stipulating abolition of such contract types as a production sharing agreement.

A new tax code which provides for the waiver of contract stability and tightening taxation of the mining sector came into force on January 1, 2009.

In November 2012, Kazakh President Nursultan Nazarbayev instructed the government to consider lifting the moratorium on extraction of certain minerals to make the region more attractive for investors.


Read also

Mar 27 2015 - 20:00
Head of Crimea Sergey Aksenov said that his population should delay payments to Ukrainian banks and that laws may be passed to prevent recovery of money from debtors. Russian company Fondoviy Konvers-Tsentr the declared purchase of loans from Ukrainian subsidiaries of Sberbank Rossii and Alfa-Bank, RIA Novosti reports.He said that the situation will not change until every bank returns Crimean deposits, accounts of legal bodies or settles their obligations to Crimeans.
Mar 27 2015 - 11:37
Poroshenko interested in Turkmen gas againKiev is looking to Turkmen gas imports, President Petro Poroshenko said at a meeting with Turkmen Foreign Minister Rashid Meredov."Ukraine is looking to resumption of Turkmen gas deliveries as an
Mar 26 2015 - 20:38
A Ukrainian governmental official and CITIC Construction (a subsidiary of China’s CITIC Limited) signed a memorandum today. The document stipulates that Ukraine will receive $15 billion from China at a minimal interest rate for 15 years to build housing and organize the housing fund and infrastructure, reports.The realization of the pilot project for construction of cheap housing for $1 billion will be a priority. CITIC will be the general contractor.
Mar 26 2015 - 12:37
French President Francois Hollande said after a meeting with Kyrgyz President Almazbek Atambayev that he believes that the establishment of peace in Ukraine will contribute to the development of relations with the EAEC.
Mar 26 2015 - 11:49
The European Parliament has voted in favor of granting Ukraine the next tranche of 1.8 billion euros.This measure was approved by a majority of MPs. Now the EU Council has the final say.Earlier, the European Commission stated that the funds are to be transferred to Ukraine before the summer holidays, reports.