IMF technical assistance: Commentary related to the Draft Petroleum Law of Mongolia
Main Commentary related to the Draft Petroleum Law of Mongolia of 4 July 2011
An internal document for MOF & MMRE/PAM only (updated as of December 17, 2011)
1. INTRODUCTION AND NOTICE
1. This working document has been updated on main issues only by Honoré Le Leuch, an IMF‟s FAD expert, after the meetings held in UB from December 6 to December 16, 2011 with the MMRE/PAM and MOF‟s Working Group appointed for drafting the new Petroleum law.
2. The document is organized in Tables per Chapter of the Law each containing three columns and addressing each Article of the Draft Law:
- 1. The first column on the left is a copy of an “unofficial English translation” dated of 8 July of the 4 July Draft in Mongolian. This translation, along with a Mongolian draft, was provided to the October 25-November 8 IMF mission and is used as it is. The IMF local office noted some differences between the English and Mongolian draft corresponding to a few additions contain in the Mongolian Draft, which were added (using the Word tracking option) to the received English translation.
- 2. The second column is the Commentary itself per Article. Commentary is voluntarily short and focuses on possible alternatives. Details will be elaborated when meeting the Working Group. Some comments may relate to what are issues in the English translation and not issues in the Mongolian draft.
- 3. The third column is a proposed alternative wording, to be discussed as a basis for revised wording with the Working Group. English editing of the Draft Law translation is not addressed in this document.
3. The last page identifies a tentative list of suggested missing issues which should be covered under the Draft Law and are currently absent from the draft.
4. It is recommended that the Draft Regulations implementing the Petroleum Law should be prepared when finalizing the Draft Petroleum Law. Some provisions of the draft Law are of a regulatory nature and should be moved to Regulations.
5. In the same fashion, the Draft Model PSC consistent with the Draft Law should be prepared in order to become one of the Regulations.
6. The review of a draft law is always an iterative process. Therefore, the objective of the Commentary is not to be exhaustive due to time constraints. Additional comments or changes may be generated when reviewing the new Draft under preparation by the Working Group.