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Government considers injecting $ 274 million to geological exploration

19 april 2011, 15:13
0
RIA Novosti©
RIA Novosti©
Funds allocated out of the state budget to finance geological exploration could be brought up to $ 274 million, First Vice Minister of Industry and new technology Albert Rau said, Profinance.kz reports.

“To ensure stable development, we need to inject about $ 274 million to finance geological exploration works (…) This year, a bit over $ 68.5 million has been allocated: this figure is a great step forward as compared to previous years”, he told journalists in Astana today.
Mr. Rau also informed that the Government is considering establishing a national geological exploration company within Samruk Kazyna Sovereign Wealth Fund.

“We plan to establish a company this year so that (…) it could deal with certain types of exploration works as early as next year”, he said.
According to him, the to-be company would be created on the basis of already available state-run assets. A special unit within the company would deal with oil exploration.

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