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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of June 15, 2022 No. PP-280

About additional measures for reforming of the natural gas market

According to the Presidential decree of the Republic of Uzbekistan of April 8, 2022 No. UP-101 "About the Next Reforms on Creation of Conditions for Stable Economic Growth by Improvement of the Entrepreneurial Circle and Private Sector Development" for the purpose of reliable and uninterrupted ensuring requirement of industries of economy and the population of the republic in natural gas, developments and upgrades of gas-transport system, forming of healthy competitive environment in industry on the basis of the best international practices:

1. Agree with offers of the Ministry of Economic Development and reducing poverty, the Ministry of Finance and the Department of Energy:

about creation of the UzGasTrade joint-stock company (further - JSC UzGasTrade) performing functions on purchase and realization of natural gas in centralized procedure;

about determination of JSC Uztransgaz by the single operator of the pipeline gas-transport system specialized on transportation, storage and transit of natural gas.

2. Determine that since August 1, 2022 JSC UzGasTrade performs functions:

purchases of natural gas at producers of the republic as the single operator of the state at the prices approved by the Interdepartmental tariff commission and in centralized procedure by means of import from external sources;

realization of natural gas of JSC Hududgaztajminot and to the consumers connected to the pipeline gas-transport system on the basis of direct agreements, including the single exporter, except the cases provided by decisions of the President of the Republic of Uzbekistan.

At the same time work on execution of production sharing agreements and agreements between domestic manufacturers, joint businesses and JSC UzGasTrade on purchase of natural gas will be performed by JSC Uztransgaz till August 1, 2022.

3. To the Ministry of Finance together with the Ministry of Economic Development and reducings poverty with involvement of the international financial institutions and consultants to bring in the Cabinet of Ministers in a month:

the actions plan on payment to the available accounts payable and collection of receivables of JSC Uztransgaz, improvement of financial condition, review of managerial and organizational structure, implementation of system of the modern financial reporting, the principles of management and purchases, and also receipt of JSC Uztransgaz until the end of 2024 of the international credit rating;

offers on redistribution of gas distribution stations and industrial collectors taking into account the consumers serviced through these objects with carrying out on the republic of their inventory count together with JSC Uztransgaz and JSC Hududgaztajminot;

the specification on development of the Development strategy and upgrade of gas-transport system of the republic, including infrastructure of underground gas storages till 2040.

4. To the Cabinet of Ministers together with the Department of Energy, the State committee of industrial safety and the State Tax Committee in two-month time to approve procedure for online control of the gas meters established in all points of entry and exit of the pipeline gas-transport system of JSC Uztransgaz with carrying out their inventory count.

5. Determine that:

the shareholder right on packets of the state shares in the authorized capital of JSC UzGasTrade is performed by the Ministry of Economic Development and reducings poverty;

the authorized capital of JSC UzGasTrade is created at the expense of part of the funds of subsidies allocated from the Government budget;

all rights and obligations on the existing receivables and payables connected with purchase of natural gas and its domestic sale as of August 1, 2022 remain for JSC Uztransgaz;

since August 1, 2022 the rights and obligations of JSC Uztransgaz according to contracts and agreements on purchase and realization of natural gas, including on the Section of products, pass to JSC UzGasTrade;

the property, property rights, and also share value and share in the authorized capital of economic societies transmitted from one organization to another according to this resolution including by their reorganization and liquidation, are not the taxation objects on all types of tax;

when forming the authorized capital of JSC UzGasTrade property assessment by the estimative organization is not required;

The Ministry of Economic Development and reducings poverty annually till October 1 (in 2022 - till August 1 of the current year) proceeding from balance of resources and consumption of natural gas submits for approval in the Cabinet of Ministers of the offer on export volumes of natural gas the next year;

Natural gas import is performed by JSC UzGasTrade on the basis of the tender, tender and the order of the Government by results of direct negotiations.

To the Ministry of Finance to make changes to earlier provided state guarantees according to obligations of JSC Uztransgaz proceeding from this resolution.

The interdepartmental tariff commission under the Cabinet of Ministers (D. Kuchkarov) in case of establishment of rates for services of JSC Uztransgaz in transportation of natural gas to provide repayment of the accounts payable remaining with it.

6. And reducings poverty together with the Ministry of Finance and Agency on management of the state assets to provide to the Ministry of Economic Development:

a) in two weeks approval of constituent documents of JSC UzGasTrade;

b) in a month approval of organizational structures of JSC Uztransgaz and JSC UzGasTrade, and also structure of the Supervisory board of JSC UzGasTrade with involvement of at least two foreign specialists as independent members;

c) in two-month time:

attraction on executive positions in JSC Uztransgaz and JSC UzGasTrade highly skilled, including foreign, the specialists having necessary experience and practical skills;

entering into the Cabinet of Ministers of the suggestions for improvement of procedure for energy taxation sold in the domestic market.

7. Place JSC UzGasTrade in the building, at the address: the city of Tashkent, Ulitsa Islam Karimov, 45a, on the basis of the right of free use.

8. To the Ministry of Finance together with the Ministry of Economic Development and the reducings poverty for the purpose of indemnification arising owing to discrepancy of the prices of purchase and realization of natural gas, and also financing of operating activiies of JSC UzGasTrade:

in two weeks to make in the Cabinet of Ministers specific proposals by calculation and source of the means necessary for financing of activities of JSC UzGasTrade;

in a month to introduce to the Cabinet of Ministers the bill on modification and amendments in the Law of the Republic of Uzbekistan "About the Government budget of the Republic of Uzbekistan for 2022";

provide in the years ahead in drafts of the laws "About the Government Budget of the Republic of Uzbekistan" of subsidy for these purposes.

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