Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Home
Business
Business Home
Economy
Technology
Media
Small Business
Legal
Deals
Earnings
Social Pulse
Business Video
The Freeland File
Aerospace & Defense
Markets
Markets Home
U.S. Markets
European Markets
Asian Markets
Global Market Data
Indices
M&A
Stocks
Bonds
Currencies
Commodities
Futures
Funds
peHUB
World
World Home
U.S.
Brazil
China
Euro Zone
Japan
Mexico
Russia
India Insight
World Video
Reuters Investigates
Decoder
Politics
Politics Home
Election 2012
Campaign Polling
Supreme Court
Politics Video
Tech
Technology Home
MediaFile
Science
Tech Video
Tech Tonic
Social Pulse
Opinion
Opinion Home
Chrystia Freeland
John Lloyd
Felix Salmon
Jack Shafer
David Rohde
Nader Mousavizadeh
Lucy P. Marcus
David Cay Johnston
Bethany McLean
Anatole Kaletsky
Edward Hadas
Hugo Dixon
Ian Bremmer
Lawrence Summers
Susan Glasser
The Great Debate
Steven Brill
Reihan Salam
Frederick Kempe
Christopher Papagianis
Mark Leonard
Breakingviews
Equities
Credit
Private Equity
M&A
Macro & Markets
Politics
Breakingviews Video
Money
Money Home
Tax Break
Lipper Awards 2012
Global Investing
MuniLand
Unstructured Finance
Linda Stern
Mark Miller
John Wasik
James Saft
Analyst Research
Alerts
Watchlist
Portfolio
Stock Screener
Fund Screener
Personal Finance Video
Money Clip
Investing 201
Life
Health
Sports
Arts
Faithworld
Business Traveler
Entertainment
Oddly Enough
Lifestyle Video
Pictures
Pictures Home
Reuters Photographers
Full Focus
Video
Reuters TV
Reuters News
Article
Comments (0)
Full Focus
Photos of the week
Our best photos from the past week. Slideshow
Images of September
Follow Reuters
Facebook
Twitter
RSS
YouTube
Read
Satellite burns up following SpaceX rocket glitch
12 Oct 2012
Obama grabs wide lead among those who have already voted: Reuters/Ipsos poll
1:15am EDT
Romney closing gap in Ohio as poll numbers, crowds rise
13 Oct 2012
Daredevil skydiver lifts off for stratosphere jump
11:39am EDT
Assad forces accused of using cluster bombs as rebels gain
|
9:54am EDT
Discussed
161
Democrats frustrated by Obama’s ”Big Bird” campaign turn
138
Biden and Ryan in high-stakes election debate
133
Romney to draw contrast with Obama on foreign policy
Sponsored Links
Afghanistan publishes mining contracts in anti-graft fight
Tweet
Share this
Email
Print
Related News
Analysis: Brazil's Vale's challenges go beyond iron ore
Thu, Oct 11 2012
Afghan president says 2014 election will be on time
Thu, Oct 4 2012
At least 14 killed in suicide attack on NATO patrol in Afghanistan
Mon, Oct 1 2012
Two Americans killed in confused Afghan shootout
Sun, Sep 30 2012
Exxon yet to inspect Afghanistan's biggest oil project: minister
Sun, Sep 30 2012
Analysis & Opinion
Even one-sided Chinese investment has its benefits
No easy fix for South Africa platinum crisis
Related Topics
World »
Afghanistan »
Middle East Turmoil »
Afghan Mining Minister Wahidullah Shahrani speaks during an interview in Kabul September 29, 2012.
Credit: Reuters/Mohammad Ismail
By Hamid Shalizi and Rob Taylor
KABUL |
Sun Oct 14, 2012 11:35am EDT
KABUL (Reuters) - Afghanistan's government released on Sunday the details of scores of mining and energy contracts, including a major Chinese deal, in an effort to counter rampant corruption and bribery of officials worrying resource investors and donors alike.
As the government finalizes new laws designed to attract more foreign mining investment, officials made public 210 previously awarded contracts, including one signed in 2011 with China National Petroleum Corp to develop three oil and gas blocks in the Amu Darya basin.
"For the first time in the history of the country, we have been able to publish the details of the awarded contracts on the website of the ministry of mines," Mines Minister Wahidullah Shahrani told reporters in Kabul.
Shahrani told Reuters in an interview last month that contracts would be published on the mining ministry's website, as well as newspapers, to safeguard delivery of $16 billion in aid promised by foreign donors over four years and tied to stronger anti-graft measures.
Chinese and Indian companies are already scrambling to access to Afghanistan's estimated $1 trillion worth of untapped mineral wealth. The country has large deposits of gold, copper, iron ore and oil, as well as lithium and rare earths used in high-tech manufacturing.
Chinese firms are leading the race, with China Metallurgical Group (MCC) and Jiangxi Copper winning a 2007 deal to exploit the giant $3 billion Aynak copper mine southeast of the capital Kabul.
The Amu Darya contract, covering an estimated 80 million barrels of oil, revealed that CNPC would allocate the first 15 percent of extracted hydrocarbons in any month to the government as royalties, and pay income tax of 30 percent.
The company would also be required to use Afghan labor and materials where possible, although CNPC could be free to import hundreds of Chinese or other foreign workers given the difficulty of finding skilled labor in Afghanistan.
"The contractor undertakes to give priority to Afghan nationals with equivalent qualifications and experience, and actively search for Afghan nationals in order to meet the training and employment obligations," the contract said.
In making the contracts public, the government risks more public opposition to mining projects at a time when it is relying of resource income to replace diminishing development aid now accounting for 90 percent of the national budget.
Shahrani's ministry will soon resubmit to President Hamid Karzai's cabinet mining laws that Afghan officials and Western donors hope will persuade foreign firms to invest in the country's resources, but which were rejected in July over concerns they were too generous to miners.
The new draft, backed by Western donors and the World Bank, would remove a 2009 clause separating exploration from an automatic license to exploit finds, a law which led miners to question why they were spending their money on expensive and risky exploration if they could not be assured of profiting.
Shahrani acknowledged that many contracts awarded in the past had been either technically or legally flawed, with some given to companies with no mining background or experience.
"An importer of oil and rice has been awarded a major contract," Shahrani said. "We have opened a very important chapter to demonstrate the highest degree of transparency in managing our national resources."
Both Chinese-operated sites at Amu Darya and Aynak have been delayed by attacks by Taliban insurgents aiming to destabilize government revenues and frighten off fresh investment ahead of a pullout by most NATO combat troops in 2014.
China recently agreed to train 300 Afghan police to safeguard Amu Darya, while staff at the $3 billion Aynak mine appear to have been spooked by Taliban attacks and have left the country, leaving only a skeleton team to guard equipment.
(Editing by Jon Hemming)
World
Afghanistan
Middle East Turmoil
Tweet this
Link this
Share this
Digg this
Email
Reprints
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (0)
Be the first to comment on reuters.com.
Add yours using the box above.
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Back to top
Reuters.com
Business
Markets
World
Politics
Technology
Opinion
Money
Pictures
Videos
Site Index
Legal
Bankruptcy Law
California Legal
New York Legal
Securities Law
Support & Contact
Support
Corrections
Connect with Reuters
Twitter
Facebook
LinkedIn
RSS
Podcast
Newsletters
Mobile
About
Privacy Policy
Terms of Use
AdChoices
Copyright
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
Thomsonreuters.com
About Thomson Reuters
Investor Relations
Careers
Contact Us
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.