julian phillips on nationalisation

  1. 5,881 Posts.
    Seems the kazakhstani government may be thinking of nationalising the countries oil industry. Don't tell me gold will be any different.

    The Kazakhstan government has just passed a bill giving it the power to change mineral rights in any company in the country. The law amendments announced on the weekend give the Kazakh government the right to limit the transfer of property rights to strategic resources or assets and are aimed at pre-empting changes of ownership that occur through the sale and purchase of shares listed on exchanges. The government has the right to cancel unilaterally all contracts with companies that conclude deals with third parties in violation of the new amendments. In the case of Petrokazakhstan, such contracts would involve the licenses to operate its largest oil fields at Kumkol. Energy Minister Vladimir Shkolnik had said last week the government was seeking ''strategic control'' of the Kumkol fields.

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