All extracting companies of Kazakhstan under public control -MINT

Date: 07:29, 15-05-2014.

Astana. May 15. KazTAG - All the extracting companies in Kazakhstan are under public control, while Kazakhstan outstripped the transparency initiatives in extracting branches of the US and Gonduras, said Nurlan Sauranbayev, Vice Minister of Industry and New Technologies.

"On October 2013 Kazakhstan received the highest status of Extractive Industries Transparency Initiative (EITI), and I congratulate you on this. It is hard to overestimate this achievement because when a state receives this status, it admits that all the extracting organizations are under the public control in the state. It means a state is on the right way and it's getting more transparent," he said.

"The mineral resources belong to the state,  to the society, profits from this branch must be controlled by people," he said.

In his words the society used to control only oil profits, now, all the extracting branches are under control.

"Only the state payments used to be controlled, now, the coverage has become much wider. Almost all the payments of extracting organizations: sponsor, dividends and so on- everything is controlled by the public. With these materials any person, any citizen of our state may look how revenues of these companies are spent, how much taxes, sponsor payments were paid, and how much dividends," he said.

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