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20.12.2012

Concession contract for shale extraction signed in Belarus

MINSK, 20 December (BelTA) – One concession contract has been signed in Belarus. The information was released by Mr Georgy Kuznetsov, Chairman of the State Property Committee, before the first reading of the bill on concessions in the House of Representatives of the National Assembly on 20 December, BelTA has learned.

According to Georgy Kuznetsov, the contract has been signed by the Natural Resources and Environmental Protection Ministry and involves the surveying and extraction of shale deposits.

The official remarked that the bill is designed to attract investors among other things. It clearly stipulates the procedure for signing a concession contract. The document determines types and conditions of concession contracts, the main rights and obligations of concessioners and so on. The bill specifies that concession objects can be the objects, which in accordance with the Constitution are the exclusive domain of the state, including sites of subsurface resources, bodies of water, and forests. Concession rights can be granted to types of business monopolized by the state and to objects owned only by the state.

The bill provides for certain guarantees and preferences for concessioners as specified by investment regulations.