MINING MINISTER SUBMITS DRAFT NEW WORDING TO PARLIAMENT

Ulaanbaatar /MONTSAME/ The Minister D.Gankhuyag Friday submitted to the Speaker Z.Enkhbold a draft new wording of the law on oil. The draft initiator said this law must be altered, for Mongolia needs to give to its people an understanding about oil, natural gas and non-traditional oil, to make clear duties and rights of the state and of self-governance bodies of localities, and to refine all relations in royalty, taxes, granting, suspending and annulling special licenses. In order to equalize legal terms in harmony of other laws, some understandings are amended or added to the draft, Gankhuyag said. The Minister also said the cabinet worked out draft amendments to the laws on tax and on the state budget.