The Government facilitates transparency of issuing permits and conducting auctions in subsurface resourse management

posted 03 March 2016 18:08

The Cabinet of Ministers of Ukraine adopted decrees regulating the procedure of issuing special permits for subsoil use and conducting auctions for the sale of such special permits.

The changes envisage maximum openness and competitiveness while undergoing relevant procedures. Among advantages of the approved documents are: prevention of overregulation in the process of obtaining special permits, cutting terms for the permits to be approved, open procedure of document processing and obtaining a decision about issuing special permits, reduction of reasons to receive permits avoiding auctions.

The endorsed acts shall create favorable conditions for the implementation of best world practices called to ensure transparency of the auction process, thereby encouraging private investment in hydrocarbon production.