The Government has cancelled the requirement to reassess the reserves every 5 years

Today, on December 17, 2017, during the Government meeting dedicated to deregulation issues, the causeless requirement of repeated state expertise and assessment of mineral reserves every 5 years.

Earlier, the procedure took anywhere from 6 months to 3 years, was highly bureaucratic and financially dreadful for the producers. Moreover, it contradicted the international practice – in the rest of the world, the repeated assessment of reserves is required only in case of the quantitative changes of reserves.

"Today the subsoil users have gotten rid of one more soviet-era heritage – a vestige, discredited long ago. There will no longer be an alogic reassessment of reserves every 5 years. It is the time to stop harassing the current taxpayers and scaring away the new investors by charging illegal fees for reserves increase, which was traditionally abused by the State Geological Service", noted the executive director of the Association, Roman Opimakh.

The Association of Gas Producers of Ukraine is acknowledging the members of the Government for their support of the industry and implementation of important reforms.

Photo credit: Press service of the Prime-Minister of Ukraine

Source: http://qoo.by/3gBc