Senate passes draft law to regulate production and sales of petroleum products

At a plenary sitting June 16 Kazakhstan’s Senate passed a draft law to regulate production and sales of petroleum products with a view of strengthening the national economic security. The draft law seeks to set fixed prices for certain types of petroleum products of importance to socially vulnerable groups of population. Besides, the document introduces some mechanisms to stimulate modernization of production capacities and sets qualifying requirements for those seeking to enter the wholesale market of petroleum products. On the same day the Senate passed a related draft law on monopolies and regulated markets. The law introduces state regulation of prices for products of social importance, Interfax – Kazakhstan reports. Both draft laws have been submitted to the President.