ArmInfo.The National Assembly of Armenia at its April 19 meeting in the first reading amended the Subsoil Code and the package of related laws. A day earlier, introducing the package, yesterday still acting Minister of Energy Infrastructures and Natural Resources of the Republic of Armenia, and today the Chairman of the Public Services Regulatory Commission of the Republic of Armenia Garegin Baghramyan noted that the main purpose of the amendments is to increase transparency in the field of subsoil use and mining.
Garegin Baghramyan reported that the documents were developed on the basis of the standards adopted within the framework of the Transparency Initiative, of which the republic has been a candidate country since March 2017.
This, he said, is about identifying the real owners of mining companies. The package presents the mechanisms for their identification and the order of registration in the state register. Baghramyan pointed out that in Armenia there are owners of mining companies that are registered in offshore zones, and the task of the package is to identify all the companies and individuals by registering them before November 30 of this year in the state register of the republic.
The law itself will come into force on July 1 of this year. In case of not registration, the license of the company will be revoked, and its activity will be terminated.
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