PRINCIPLE OF PRODUCTION-SHARING CONTRACT SET UP

Ulaanbaatar, Mongolia, /MONTSAME/ The Minister of Mineral Resources and Energy D.Zorigt spoke Wednesday at the cabinet meeting about oil-related matters as exploration, utilization contract, activities.
The cabinet has considered that it would be right to adhere to a principle of production-sharing contract in activities of the exploration and utilization, and ordered related Vice Minister to refine upon valid laws and resolutions on the oil sector.
Head of the Cabinet Secretariat of Government Ch.Khurelbaatar has spoken about transmitting the rights and responsibilities of the production-sharing contract. An order has been given to D.Zorigt to pass them after studying reasons and results and a cabinet permission.
The cabinet has backed in principle a draft contract on production-sharing to be established between the Oil Authority and the "Space Geology Exploration" company. With proposals from the cabinet, the contract is to be introduced to the National Security Council.
B.Khuder