Research Investment Law In Kazakhstan Oil And Gas Resources

Kazakhstan has rich oil and gas resources and is among the world’s top ones asfar as its oil and gas reserves are concerned. Since its independence in1991, itspreferential investment policies and rich oil and gas resources has attracted a largequantity of foreign investors. Exploration and development of its oil and gasresources by foreign capitals has promoted steady growth of its economy, and at thesame time foreign investors have reaped huge returns. A large number of foreigninvestors in the oil and gas resources development also caused domination of foreignoil and gas companies over large oil and gas fields, and the governmental control ofKazakhstan over the strategic resources is weak.With the development of domestic economy, the government of Kazakhstanadjust the economic development strategy and the foreign policies. Kazakhstan hasbeen frequently revising the relevant laws in the recent two decades, includingcanceling the previous preferential policies to foreign investment in its InvestmentLaw to achieve equal treatment to domestic and foreign investors, increasingshare-controlling proportion in its oil and gas resources by adding provisions of"centralized rights","national priority" and “controlling stake of state-ownedenterprises" in its Mineral Resources Law", and modifying its fiscal and taxationpolicies to adjust and control revenues of resource extraction enterprises. Thefrequent revision of laws makes foreign investors face the constant changing legalenvironment. So for the foreign investors in a timely knowledge of legal system ofthe host country which you will invest is very important.From the perspective of foreign investors, centering around its Investment Lawenacted in2003and Mineral Resources Law promulgated in2010, and withreference to other legal systems, aiming at four aspects, investment access,investment operation, investment protection and investment dispute resolution, thisassay introduced and interpreted the legal environment in Kazakhstan of the currentexploration of, development of and investment in its oil and gas resources, with thehope of providing legal assistance to investors in analyzing its investmentenvironment, making their investment decisions and preventing their investmentrisks.