(MENAFN- Trend News Agency) ASTANA, Kazakhstan, December 4. Kazakhstan is rolling out a new model for granting subsoil use rights in the hydrocarbons and uranium sectors, Maxim Spotkay, the Head of the Senate Administration, said on his social media account, Trend reports.

The Senate has approved amendments to the Subsoil and Subsoil Use Code, initiated by members of Parliament. The new law introduces several important provisions aimed at improving transparency, encouraging investment, and strengthening the country's control over its natural resources.

One key change is the introduction of a new mechanism for underexplored territories. These areas, which have not been fully studied, will now have a specific contract regime, allowing for standard contracts for hydrocarbon exploration and extraction. Investors funding geological research will be given priority rights to subsoil use. The law also establishes electronic auctions for granting subsoil rights, replacing the previous commission-based system and simplifying the process. Additionally, companies will have the option to expand subsoil plots and extend contracts.

The law also aims to strengthen the role of Kazakhstan's national uranium company. New restrictions will be placed on exploration licenses in areas containing uranium deposits, and the national company will be given priority rights in both uranium exploration and extraction. If subsoil use rights are transferred to subsidiaries, the national company's stake in uranium assets will increase from 50% to 75%. Additionally, territories with uranium deposits can either be returned to the state or purchased by the national company.

Other provisions include the transfer of authority for approving strategic subsoil sites to the relevant government body and a three-year ban on transferring hydrocarbon rights to prevent speculative deals. The law also streamlines the process for moving complex gas and gas condensate projects over to a standard contract regime, looking to even out the playing field between private investors and the national company.

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