Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 24, 2021 No. PP-5193

About measures for the organization of construction of steam-gas power plant capacity of 1500-1600 MW in the Surkhandarya region

For the purpose of stable providing the population and industries of economy with energy resources:

1. Take into consideration that:

a) between the Ministry of investments and foreign trade, the Ministry of Finance, the Ministry of Economic Development and reducings poverty, the Department of Energy, Agency on development of public-private partnership and the Stone City Energy company (Netherlands) (further - the Investor) on September 26, 2020 signed the document reflecting the main terms of agreement on implementation of the investment project on construction of steam-gas power plant capacity of 1500-1600 MW in the Surkhandarya region cost 1, of 2 billion US dollars (further - the Investment project) at the expense of direct foreign investments;

b) for the purpose of implementation of the Investment project by the Investor SCE Quvvat LLC is created (further - the Project company);

c) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company the Investment agreement (further - the Investment agreement) on April 22, 2021 is signed according to which the Investor and the Project company perform:

designing, financing, construction and operation within 25 years of steam-gas power plant capacity of 1500-1600 MW in the Surkhandarya region;

attraction of direct foreign investments in the amount of 1, 2 billion US dollars with acceptance on possible risks;

d) within the Investment project between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company the Purchase agreement of the electric power (further - the Purchase agreement of the electric power) on April 22, 2021 is signed according to which:

The project company as ensuring execution of the obligations up to standard in the period of construction provides the bank guarantee in the amount of 30 million US dollars;

The project company assumed obligation of the guaranteed sale of the made electrical energy to the single buyer on behalf of JSC Natsionalnye elektricheskiye seti Uzbekistana;

in accordance with the terms of the Purchase agreement of the electric power of JSC Natsionalnye elektricheskiye seti Uzbekistana assumes obligation of the guaranteed purchase of electrical energy and implementation of payment for electrical energy in national currency within 25 years;

JSC Natsionalnye elektricheskiye seti Uzbekistana as ensuring execution of the obligations on covering of purchase of electrical energy provides for benefit of the Project company the preferential, unconditional, not subject to compensation bank guarantee in foreign currency within three months.

2. Approve the Investment agreement signed between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company.

Determine that the Investment agreement becomes effective according to the conditions specified in it.

3. Approve the Purchase agreement of the electric power signed within the Investment project by results of direct negotiations between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company.

4. Provide to the Ministry of investments and foreign trade, JSC Natsionalnye elektricheskiye seti Uzbekistana and khokimiyat of the Surkhandarya region the right to the conclusion with the Project company and creditors who are taking part in financing of the Investment project, agreements on concession of the rights of the Project company to the creditors in case of non-execution of agreement obligations by the Project company signed within implementation of the Investment project.

5. Resolve JSC Natsionalnye elektricheskiye seti Uzbekistana according to the Purchase agreement of electrical energy:

provide the confirmed in foreign currency, renewable, irrevocable and unconditional bank guarantee of JSB Uzsanoatkurilishbank for benefit of the Project company as ensuring obligation fulfillment for covering of purchase of the electrical energy developed by the Project company within three months;

take part in quality of the supplier of natural gas for requirement of the Investment project;

according to the procedure of exception to establish the prices of the electrical energy made in the territory of the Republic of Uzbekistan, with binding to foreign currency, according to the Investment agreement and the Purchase agreement of the electric power for the term of their action.

6. Provide to JSC Uztransgaz the conclusion with JSC Natsionalnye elektricheskiye seti Uzbekistana of delivery agreements of the Project company of natural gas according to the amounts and parameters provided by the Purchase agreement of the electric power.

At the same time to determine that suppliers of natural gas if other is not provided by agreements, bear responsibility in recourse procedure to JSC Natsionalnye elektricheskiye seti Uzbekistana according to the legislation according to obligations on compensation of JSC Natsionalnye elektricheskiye seti Uzbekistana of the Project company of the caused losses, including any obligations on payment of penalties and amounts of lost profit, resulting from lack of supply of natural gas because of JSC Uztransgaz.

To the Ministry of Finance together with JSC Uztransgaz in three-months time for the purpose of providing reliable and uninterrupted supply of natural gas on new power plant to determine financing source of construction of the new gas pipeline to the project platform until the end of the third quarter 2023.

JSC Uztransgaz take measures for completion of construction of this gas pipeline at the scheduled time.

7. To provide to the ministry of water economy the conclusion of delivery agreements of the Project company of technical water according to the amounts and parameters provided by the Purchase agreement of the electric power.

8. Provide to the Project company according to the procedure of exception, within implementation of the Investment project the right:

exercise control of expenditure of borrowing facilities according to the requirements of risk management which are traditionally applied by foreign creditors when financing projects, open bank accounts abroad in foreign banks for obtaining and use of means in foreign currency with implementation of payment of all taxes and fees which are subject to payment and also to transfer money from the bank accounts opened in the republic for the bank accounts opened abroad for the purpose of return of the credits obtained within the Investment project;

make payments to foreign contractors, suppliers or foreign creditors outside the Republic of Uzbekistan directly from bank accounts abroad.

9. To khokimiyat of the Surkhandarya region in a month on the conditions specified in the Investment agreement and the Purchase agreement of the electric power to provide allocation to Agency on management of the state assets of the parcel of land on the right of permanent use.

To provide to agency on management of the state assets provision of the parcel of land allocated according to this Item in lease of the Project company for the term equal to the term of implementation of the Investment project.

10. Issue to the Ministry of Justice the legal conclusions under the agreements signed within implementation of the Investment project according to rules of the Investment agreement.

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