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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 4, 2020 No. PP-4664

About first-priority measures for increase in financial stability of oil and gas industry

(as amended of the Presidential decree of the Republic of Uzbekistan of 21.08.2021 No. UP-6280)

[Extraction]

For the purpose of ensuring complete requirements satisfaction of economy and the population of the republic in energy resources, financial improvement of the oil and gas companies, and also creating favorable conditions for development of healthy competitive environment in industry on the basis of the commonly accepted international standards and the best foreign the practician:

1. To Department of Energy together with the Ministry of Economic Development and reducings poverty, the Ministry of Finance, the Ministry of investments and foreign trade, the Antimonopoly Committee, Agency on management of the state assets (further - the Agency) till September 1, 2020 to bring in the Cabinet of Ministers of the Republic of Uzbekistan with involvement of experts of the World Bank and Asian Development Bank:

The master plan of the development program of gas-transport system till 2030;

the offer on creation of the wholesale market of the electric power and natural gas on the basis of the exchange biddings, having provided equal access to all participants and the transparent mechanism of pricing.

2. To the agency together with the Department of Energy and the Ministry of Finance of the Republic of Uzbekistan:

a) with involvement of internationally acknowledged consulting and audit companies:

till July 1, 2020 together with the relevant departments to develop and approve "Road map" on improvement of operating efficiency of the companies of oil and gas industry;

till October 1, 2020 to provide implementation at all companies of oil and gas industry of the anti-corruption komplayens-control system;

b) till June 1, 2020 to make in the Cabinet of Ministers offers on hiring of highly skilled foreign experts and specialists, including compatriots abroad, on the companies of oil and gas industry with indication of methods of their selection, qualification requirements, functional obligations, terms of attraction and the amount of compensation.

3. (R. Davletov) together with the Uzstandart Agency to provide to the interdepartmental working group on optimization of licenses and documents of allowing nature entering into the Cabinet of Ministers of the Republic of Uzbekistan of suggestions for improvement and to simplification of licensing of types of activity in oil and gas industry in a month.

4. Agree with the offer of the Department of Energy, the Ministry of Finance, Ministry of Economic Development and reducing poverty of the Republic of Uzbekistan and the Agency about:

a) capitalizations on account of increase in share of the state in authorized funds:

JSC Uzbekneftegaz of principal debt and the added percent on the credits of Fund of reconstruction and development of the Republic of Uzbekistan (further - Fund) which are earlier allocated to JSC Uzbekneftegaz for implementation of investment projects according to appendix, as of April 1, 2020;

JSC Uzkimyosanoat of principal debt and the added percent on the credits of Fund earlier allocated to Birinchi rezinotekhnika zavodi LLC for implementation of the project "Production organization of conveyer belts, agricultural and car tires in the territory of SEZ "Angren", as of April 1, 2020 with the subsequent direction of the capitalized funds for increase in authorized capital of Birinchi rezinotekhnika zavodi LLC;

b) attraction of borrowing facilities of Fund of silk way (People's Republic of China) and foreign commercial banks in the amount of 250 million US dollars, and also 400 million US dollars at the expense of export credit agencies for further financing of the Program for increase in production of hydrocarbonic raw materials for 2017 - 2021.

5. To the agency together with Fund, JSC Uzbekneftegaz and JSC Uzkimyosanoat in two-month time to take adequate measures on increase in share of the state in authorized capitals of JSC Uzbekneftegaz and JSC Uzkimyosanoat by placement of additional shares and entering of corresponding changes into credit agreements in accordance with the established procedure.

To provide to agency on market development of the capital state registration of release of the additional shares provided by this resolution.

6. Authorize the Minister of Finance of the Republic of Uzbekistan to issue in accordance with the established procedure the state guarantees according to obligations of JSC Uzbekneftegaz to Fund of silk way (People's Republic of China) and foreign commercial banks on the attracted credits to the amount, equivalent to 250 million US dollars, for financing of the Program for increase in production of hydrocarbonic raw materials for 2017 - 2021.

7. To provide to Department of Energy together with the Ministry of investments and foreign trade of the Republic of Uzbekistan, JSC Uzbekneftegaz till June 1, 2020 attraction of the credits of Fund of silk way (People's Republic of China) and foreign commercial banks, and also support of export credit agencies for financing of the Program for increase in production of hydrocarbonic raw materials for 2017 - 2021.

8. Determine that, since May 1, 2020:

state regulation of retail prices of automobile gasoline of the Ai-80 brand and diesel fuel is cancelled (including the EKO brands);

realization of automobile gasoline of the Ai-80 brand by oil refineries and diesel fuel (including the EKO brands) is performed only through the exchange biddings;

to the state-financed organizations, farms and cotton and textile clusters making cotton raw and grain, JSC Uzbekiston temir yullari, to JSC Toshshakhartranskhizmat, the state companies for collection and export of household waste diesel fuel (including the EKO brands) is implemented at the weighted exchange prices which developed by results of the exchange biddings for the last quarter under direct agreements, with provision also by it the rights to acquire oil products at oil refineries through the exchange biddings;

oil refineries according to requests of petroleum storage depots of JSC Uzbekneftegaz provide the discount established by JSC Uzbekneftegaz for amount of the diesel fuel (including the EKO brands) realized to the consumers specified in paragraph four of this Item.

9. Under the Cabinet of Ministers of the Republic of Uzbekistan to provide to the interdepartmental tariff commission establishment since May 1, 2020:

rates for rendering services in storage of oil products and hydrocarbons in free reservoirs of petroleum storage depots to the subjects of entrepreneurship who are engaged in import of oil products and hydrocarbons.

12. Take into consideration that:

acquisition of oil products by legal entities, including petroleum storage depots of JSC Uzbekneftegaz, at oil refineries through the exchange biddings for resale, is performed less the excise tax which is subject to payment in case of realization to the final consumer. At the same time regarding the amount of oil products used for own needs of these legal entities, the excise tax is paid in accordance with the established procedure;

the amount of the natural gas realized by the organizations for natural gas production to the organizations for their conversion and utilization of gas is not considered as amount, implementable to final consumers.

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