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Croatia proposes hydrocarbons exploration and exploitation bill

Deals

The Croatian government sent to Parliament on Thursday a bill on hydrocarbons exploration and exploitation to facilitate the obtaining of concessions and improve legal security and flexibility in oil and gas investment projects, the HINA news agency reported. According to the report, the passage of such a law is a novelty in Croatian legislation, because oil and gas exploration and exploitation is regulated by the Mining Act. The government believes a new law is necessary because of the increasing interest among foreign investors. Economy Minister Ivan Vrdoljak said the most important aspect of the bill was the introduction of a single procedure for issuing a permit, signing a contract and directly obtaining a concession. The bill envisages the establishment of a hydrocarbons agency by the Economy Ministry. Vrdoljak said the new law would give Croatia an opportunity to exploit its resources in accordance with the highest business and ecological standards.

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