The Committee on Economic Policy recommends that the Parliament should adopt in the second reading and in entirety the draft law “On amendments to the Law of Ukraine “On Agreements on Production Sharing” (re state regulation of conclusion and implementation of agreements)

Information Department of the Verkhovna Rada of Ukraine Secretariat
20 May 2013, 14:35

The bill (Reg. No. 2291) establishes that the parties to the production sharing agreement are the investor (investors) and the state in the person of the Cabinet of Ministers. To settle organizational issue of conclusion and fulfillment of production sharing agreements the Cabinet of Ministers establishes a temporary inter-departmental commission involving representatives of state bodies, bodies of local self-government and people’s deputies of Ukraine. Informational, organizational, material and other support of the Inter-departmental Commission is carried out by the central body of executive power, determined by the Cabinet of Ministers. The provision on the Inter-departmental Commission is approved by the Cabinet of Ministers.

Committee members believe that implementation of bill provisions shall significantly increase efficiency and transparency of state regulation of subsurface use subject to conditions of production sharing agreements and shall allow create conditions to increase equity production of gas and oil, and attract non-state investments, etc.