RESOLUTION OF THE MINISTRY OF ECONOMICS OF THE REPUBLIC OF UZBEKISTAN, MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of August 24, 2006 No. 6, on August 24, 2006 No. 77

About approval of the Regulations on procedure for realization of vegetable oil

According to the resolution of the President of the Republic of Uzbekistan of May 31, 2006 NPP-360 "About Streamlining of the Mechanism of Delivery of Cotton Seeds and Realization of Vegetable Oil and Fat-and-oil Products" and the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 2004 N57 "About Further Implementation of Market Mechanisms of Realization of Highly Liquid Types of Products, Raw Materials and Materials" is decided:

1. Approve the enclosed Regulations on procedure for realization of vegetable oil.

2. Consider the State-owned property which voided the resolution of the Ministry of Economics, the State management committee and support of entrepreneurship, the Ministry of Finance of the Republic of Uzbekistan, Association of the oil and fat and food industry, JSC UZRTSB of April 5, 2004 NN25, 01/24-18, 46, 01/1-10, 42-01/156 "About approval of Provisional regulations for procedure for realization of vegetable oil at the exchange biddings" (reg. N1350 of May 11, 2004 godasobrany legislations of the Republic of Uzbekistan 2004, N 19, the Art. 223).

3. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Approved by the resolution of the Ministry of Economics, Ministry of Finance of August 24, 2006 No. No. 6, 77

Regulations on procedure for realization of vegetable oil

This Provision according to the resolution of the President of the Republic of Uzbekistan of May 31, 2006 NPP-360 "About Streamlining of the Mechanism of Delivery of Cotton Seeds and Realization of Vegetable Oil and Fat-and-oil Products" (Collection of the legislation of the Republic of Uzbekistan 2006, N 23, the Art. 203) and the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 2004 N57 "About Further Implementation of Market Mechanisms of Realization of Highly Liquid Types of Products, Raw Materials and Materials" (Collection of the legislation of the Republic of Uzbekistan 2004, N 5, the Art. 57) determines procedure for realization of vegetable oil.

I. General provisions

1. This Provision extends to the companies and the organizations - residents of the Republic of Uzbekistan, making, delivering and using vegetable oil, and also to foreign buyers - nonresidents of the Republic of Uzbekistan.

2. This Provision determines the mechanism of realization of vegetable oil by the following directions:

a) to trade organizations and for industrial conversion - through the open exchange tenderings at the Uzbek Republican commodity and raw exchange (further - UZRTSB);

b) to state-financed organizations and special consumers - under direct agreements;

c) for export - through the exchange biddings and under the direct agreements signed with republican foreign trade companies for freely convertible currency.

3. The realization of vegetable oil is enabled on UZRTSB in real time with use of electronic system of the exchange biddings.

4. The vegetable oil which was purchased for intra republican needs is used only for providing the population, industrial conversion and resale for export is not subject.

5. The realization of vegetable oil for export is enabled according to annually approved amounts of parameters of production and supply of vegetable oil.

II. Basic concepts

6. In this Provision the following basic concepts are used:

products - vegetable oil which according to the approved balance of production and delivery is implemented to consumers at the exchange biddings and under direct agreements;

electronic system of the exchange biddings - the software and hardware complex of UZRTSB providing carrying out the exchange biddings in real time;

clearing house (further - RCP) - the structural division of UZRTSB providing carrying out clearing, calculations and settlement on stock exchange transactions;

the seller - the oil and fat companies, foreign trade trading companies enabling exposure and product sales at the exchange biddings and under direct agreements;

buyer:

a) the legal entities having the right to wholesale and/or retail trade, performing acquisition of products for realization to her final consumers;

b) the industrial enterprises using vegetable oil for needs of industrial conversion;

c) state-financed organizations;

d) foreign buyers;

deposit - funds of warranty providing transactions deposited by buyers and sellers in RCP for providing guarantees of execution of the transactions made on UZRTSB;

the quoted price - the weighted average price on products determined by results of the trading sessions held by UZRTSB for day of the exchange biddings;

the register of the paid transactions - the document confirming revenues to the account of the buyer in RCP of the means providing complete covering of obligations according to the signed purchase and sale agreement (contract).

III. Forming of amounts of vegetable oil and procedure for its realization to intra republican consumers and for export

7. Forming of sales amounts of vegetable oil is determined proceeding from annually approved parameters of production and supply of vegetable oil.

8. Sellers, proceeding from the parameters of production and supply of vegetable oil approved for the next year, quarterly, in 10 days prior to the beginning of each next quarter, determine products amounts monthly intended for realization through the exchange biddings and under direct agreements.

The realization of vegetable oil in the intra republican consumer market is enabled according to the scheme according to the appendix N1 to this Provision.

9. Sellers once in year sign with UZRTSB cooperation agreements in which conditions of participation of sellers at the exchange biddings, the rights, obligations and responsibility of the parties which signed the agreement are determined.

The auction is held regularly in the working days.

The realization of vegetable oil for export through the exchange biddings for hard currency is enabled according to the scheme according to the appendix N2 to this Provision.

10. The exchange biddings are performed according to the Law of the Republic of Uzbekistan "About the exchanges and exchange activities" and by rules of stock exchange trading.

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