Oil giant has launched a landmark law allowing private investment into its massive mining sector within its Vision 2030 economic diversification plan, the local press reported on Sunday.
Industry and Mineral Resources Minister Bandar Al-Khorayef endorsed the “mining investment law” on 1 January after it was approved by the cabinet last year, the Arabic language daily Aliqtisadia and other newspapers said.
A key feature of the new law allows investors to export their products provided the export value does not exceed 30 percent of their total production, the report said.
The law also includes a set of financial penalties for offences involving embarking on mining activities without licence, delayed payment of fees to the Ministry, and presenting false or misleading information, it added.
The Gulf Kingdom’s metals industry is officially estimated at more than $1.3 trillion. Investors can get mining exploration permits through the ‘Taadeen’ (mining) website introduced recently by the Ministry.
(Writing by Nadim Kawach; Editing by Anoop Menon)