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Category Archives: Energy & Natural Resources
The law of the Republic of Kazakhstan “On Subsoil and Subsoil Use» (hereinafter – the Law) has been significantly amended by virtue of the laws of the Republic of Kazakhstan № 269-V from 29.12.2014, № 271-V from 29.12.2014. The content of amendments is set forth below.
1) As per the amended Law, the priority right of the state in relation of acquisition of subsoil use right (or part thereof) and (or) objects related to subsoil use rights was retained and applicable only for the subsoil areas, deposits of strategic importance, the list and the criteria for their classification as such, it is approved Government of the Republic of Kazakhstan.
A couple of weeks ago, the mass media were flooded with news on a new approach to the procedure for obtaining the right to subsoil use. Many changes and amendments are to be introduced into the current legislation. Mr. Sauranbayev, the Vice-Minister of Industry and New Technologies, said that it is expected that the market would be open for those who come first.
To some extent, this approach may enhance investment opportunities in Kazakhstan. Ranked as 6th worldwide for natural resources worth more than $ 10 trillion, Kazakhstan invested in the subsoil area slightly more than $ 7.5 billion in 2012. This constitutes only 1 per cent compare to nearly $ 750 billion worldwide investment bulk of the subsoil market. Kazakhstan is planning to increase subsoil investments by 10 per cent in the nearest future. Continue reading
Recently, it has been made known that the Government of the Republic of Kazakhstan is going to approve the fixed rates in respect of electric power produced by various objects of Renewable Energy Sources (hereinafter “RES”) for a fifteen year period. That includes energy from wind power stations – at the level of 19 tenge, solar stations – at the level of 29 tenge, hydroelectric stations – at the level of 14 tenge and biogas plant – at the level of 27 tenge. The relevant Government Resolution is expected in next few months.