The Ministry of Mines and Petroleum (MoMP) in its annual report said that the ministry is in discussions with the Chinese CNPCI company about the oil contract for the Qashqari region of the Amu Darya River basin.
Shahabuddin Delawar, the acting Minister of Mines and Petroleum, said that the Islamic Emirate will receive a 20% share of the oil's extraction and profit under the new agreement.
"We have made three changes to the contract. The government will now get 20% of the revenue. If extraction does not begin within two months of the contract's signing, the agreement will be canceled, and the oil will be processed in Afghanistan, we won't sell crude oil to other countries," he said at a press conference.
According to the ministry, a framework to reduce corruption and boost income has been developed, and the ministry has formed a technical committee to hand over major mines, giving local industrial companies priority with mining contracts.
"In the first three months of the year, two billion Afghani in revenues were set as a goal for us. However, we had four billion Afghanis in revenues and advanced 56% of the set goal," Delawar further stated.
However, officials of the Chamber of Mines and Industry asked the Islamic Emirate to prioritize the Afghanistan private sector.
"The private and industrial sectors have a critical demand for raw materials; the majority of our raw materials come from mines. We hope that the government will prioritize the Afghanistan private sector,” said Mohammad Karim Azimi, executive director of the Kabul Chamber of Industry and Mines.
Based on figures of the Ministry of Mines and Petroleum, in the past year the ministry has earned more than 13 billion Afghani.