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Offtake contracts and offset agreements are implemented by the Ministry of Industry of the Republic of Kazakhstan

ASTANA. KAZINFORM – To ensure the sale of finished products and saturate the market with new products, work is underway to use offtake contracts and offset agreements, Kazinform correspondent reports.

“In order to ensure the sale of finished products and saturate the market with new products with the participation of subsoil users, national companies, work is underway to use offtake contracts and offset agreements. This is also an innovation. Such contracts do exist in nature, but our legislation has not previously regulated them. Now over 200 offtake contracts have been signed. They will be aimed at localization and creation of new industries, and offset agreements – at the transfer of technologies and attraction of investments,” said Ilyas Ospanov, Chairman of the Industrial Development Committee of the Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan during a briefing at the site of the Central Communications Service.

The Chairman of the Committee explained that offtake contracts allow the company to understand how many years it will sell products and invest in long-term projects. The current treaties do not allow this, as they are concluded for a period of one year. Offtake contracts will allow enterprises to attract investments and modernize production.

Earlier it was reported that domestic processors of industrial raw materials will be supplied at discounted prices.

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