RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of November 3, 2017 No. PP-3373

About measures for realization of the first stage of the program for increase in production of hydrocarbonic raw materials for 2017 - 2021

In pursuance of the resolution of the President of the Republic of Uzbekistan of March 9, 2017 No. PP-2822 "About approval of the Program for increase in production of hydrocarbonic raw materials for 2017 - 2021":

1. Take into consideration that according to the Program for increase in production of hydrocarbonic raw materials for 2017 - 2021 (further - the Program):

a) joint business in the form of Natural Gas-Stream limited liability company with participation of representatives of JSC Uzbekneftegaz as a part of tender committee according to domestic situation holds the competitive auction on purchase of goods, the works and services provided by the Program for 2017-2018 following the results of which as prime contractors on performance of works are chosen:

the ERIELL Oilfield Services Middle East DMCC company (UAE) - on construction of 248 gas both 48 oil operational wells and arrangement of fields of JSC Uzneftegazdobycha on a turnkey basis;

the Enter Engineering RTE. LTD company (Singapore) - on construction of technology objects on fields of JSC Uzneftegazdobycha on a turnkey basis;

the ERIELL Oilfield Services Middle East DMCC company (UAE) in consortium with "ERIELL GmbH" (Austria) - on capital repairs of 328 wells in 2017-2018 on fields of JSC Uzneftegazdobycha, and also on upgrade and fitting of the equipment of subcontractors - divisions of JSC Uzbekneftegaz;

b) joint business Natural Gas-Stream LLC and bank "Bank GPB International S.A." (Luxembourg) the agreement on provision of short-term loan on the amount 200, by 0 million US dollars for a period of 12 months is signed with interest rate 3-month LIBOR+4,7 of annual interest rate during the first percentage period and 1-month LIBOR + annual interest rate 4,7 during the subsequent percentage periods, the commission for opening and reservation of credit line in the amount of percent 0,3 from the crediting amount one-timely and 0.5 annual interest rates from the amount of not chosen crediting limit of payment dates of the added percent.

2. Agree with offers of JSC Uzbekneftegaz and joint business Natural Gas-Stream LLC:

about participation of JSC Uzneftegazdobycha by the party in the tripartite contracts signed for the purpose of performance of works on fields of JSC Uzneftegazdobycha within program implementation;

about step-by-step program implementation, having provided accomplishment of the first stage of works in 2017-2018 and the second stage - in 2019 - 2021 with development and approval of the main indicators of the business plan of the second stage of implementation of works in 2018 following the results of carrying out the corresponding competitive biddings;

about determination of total amount of the natural gas realized to joint business in 2017-2018 for accomplishment of obligations on short-term loan in the amount of 1 125 million cubic meters (proceeding from estimated export price of natural gas of 185 dollars/thousand CBM), with possibility of its adjustment according to the commission agreement on gas export and the purchase agreement of gas the parties of these agreements, and also early termination of agreements after accomplishment of all obligations on short-term loan;

about exception of the Work program on installation construction on gasoline production from methanol (MTG).

3. Approve:

the main indicators of the business plan of the first stage of program implementation on increase in production of hydrocarbonic raw materials for 2017 - 2021 according to appendix No. 1;

the mechanism of interaction and differentiation of responsibility of JSC Uzbekneftegaz, the organizations of JSC Uzbekneftegaz and joint business Natural Gas-Stream LLC within program implementation on increase in production of hydrocarbonic raw materials for 2017 - 2021 according to appendix No. 2;

Regulations on procedure for determination, approval and approval of annual amounts and cost of the performed works, the amounts of natural gas delivered to joint business Natural Gas-Stream LLC for further export within program implementation on increase in production of hydrocarbonic raw materials for 2017 - 2021 according to appendix No. 3;

Regulations on procedure of separate accounting of receipts and cash write-off into special deposit accounts of joint business NaturalGas-Stream LLC within program implementation on increase in production of hydrocarbonic raw materials for 2017 - 2021 according to appendix No. 4.

4. For the purpose of providing effective program implementation to determine that:

the property received by the organizations by JSC Uzbekneftegaz transferred within program implementation for fitting and upgrade of equipment capacities and the special equipment is not considered as the taxation object gratuitously;

joint business NaturalGas-Stream LLC enlists the money arriving within program implementation into the special deposit accounts opened in accordance with the established procedure in the commercial bank registered in the Republic of Uzbekistan with further use only for the program implementation purposes.

5. To provide with JSC Uzbekneftegaz (A. S. Sultanov), if necessary, introduction in accordance with the established procedure of offers on adjustment of the main indicators of the business plan of realization of the first stage of the Program following the results of determination of conditions of attraction of long-term loans of foreign banks.

6. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan - the chairman of the board of JSC Uzbekneftegaz A. S. Sultanov.

Appendix № 1

to the Resolution of the President of the Republic of Uzbekistan of November 3, 2017 No. PP-3373

The main indicators of the business plan of the first stage of program implementation on increase in production of hydrocarbonic raw materials for 2017 - 2021

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