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Uzbekistan to revise subsoil law
Deputy Minister of Mining and Geology A. Kadirkhodjaev and representatives of the ministry explained that the new draft law provides for direct action norms regulating relations in the field of subsoil use. In particular, the classification of minerals is clarified.
It was also noted that the "single window" principle is being introduced in the process of issuing permits for subsoil use. This should significantly increase the investment attractiveness of the sector. The draft law introduces a mechanism allowing licensees to dispose of permits for the right to use subsoil areas, including their sale, pledge or transfer to other persons under the control of a government agency.
The norms of property rights to geological information, its exchange and sale by investors are being improved. Particular attention is paid to hydrocarbons, for which the norms have been tightened and detailed in accordance with international practice.
Separate articles set forth standards for reconnaissance, geological study and extraction of hydrocarbons. Additional requirements for radiation safety in uranium mining and related processes, as well as the requirements of the International Atomic Energy Agency, are defined.
In addition, a clear procedure for issuing permits for geological study and extraction of non-metallic minerals is established. The rights and obligations of subsoil users who have permits, reporting requirements and minimum annual costs for geological study and extraction of minerals are defined.
According to the deputies, the adoption of this bill will allow for effective and systematic geological study, use and protection of subsoil based on modern standards. This will also help accelerate domestic and foreign investment in the industry, creating new jobs in remote areas.
After discussion, the bill was adopted by the deputies in the first reading.
V. Novikov
