/IRBIS, June 3, 2010/ - Today Members of the Majlis of Kazakhstan approved the proposal of the Conciliation Commission to overcome the differences between the Majilis and the Senate of the Parliament of the Republic of Kazakhstan on the bill "On Subsoil and Subsoil Use".

The bill was returned by Senate in to Majilis with amendments. In Parliament the document was submitted on Jan. 15, 2009 Ministry of Energy and Mineral Resources of the Republic of Kazakhstan.

These amendments provided for the effective use of associated gas through its processing in order to obtain strategically important energy or raw materials for the petrochemical industry in order to protect the environment and public health.

Supplemented, under which the government of Kazakhstan has the authority to approve the procedure for calculating the minimum local content in goods, works and services for operations on subsoil use and reporting subsoil performance obligations under the local content in frames.

Introduced provisions that provide reservation of lands for mineral resources in the manner prescribed by law, proposed a mechanism for dispute resolution in accordance with the laws of the Republic of Kazakhstan and international treaties ratified by Kazakhstan.

The draft law aims to improve the mechanism of legal regulation of social relations in the sphere of subsoil use.

Under the amendments the Senate transfer mining rights between legal entities, in which at least 99% stake (shares) directly or indirectly owned by one person, it is possible, if the entity being transferred to the right of subsoil use is not registered in the state with tax benefits.

[2010-06-03]