RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of May 12, 2006 No. 7884

About enhancement of procedure for carrying out the exchange biddings on sales of products of oil and gas complex of Turkmenistan for export

For the purpose of enhancement of procedure for realization for export of products of oil and gas complex of Turkmenistan through the biddings at the State commodity and raw exchange of Turkmenistan, control of oil sale, products of oil and gas processing, petrochemistry and chemistry, and also streamlining of settlement system for goods sold I decide:

1. Approve enclosed:

Procedure for carrying out the exchange biddings on sales of products of oil and gas complex of Turkmenistan for export;

structure of the Supervisory board on realization for export of products of oil and gas complex of Turkmenistan;

the list of products sold through the biddings at the State commodity and raw exchange of Turkmenistan according to procedure for carrying out the exchange biddings on sales of products of oil and gas complex of Turkmenistan for export.

2. Permit Turkmenbashi complex of oil refineries, to State concerns "Turkmenneft", "Turkmengaz" and Garabogazsulfat production association to sign supplementary agreements to agreements (contracts) on sales of products of oil and gas complex according to the Procedure approved by this resolution.

3. To the ministry of the oil and gas industry and mineral resources of Turkmenistan monthly to submit in the Cabinet of Ministers of Turkmenistan the summary report on the signed and performed export agreements (contracts) on sales of products of oil and gas complex on the basis of data of information of the State commodity and raw exchange of Turkmenistan, the State Customs Service of Turkmenistan, Turkmenbashi complex of oil refineries, Turkmengaz and Turkmenneft State concerns.

4. Declare invalid the resolution of the President of Turkmenistan from 31 Bitaraplyk 2001 No. 5485 "About enhancement of procedure for the conclusion and execution of agreements (contracts) on realization for the foreign markets of products of fuel and energy complex of Turkmenistan" (Collection of acts of the President of Turkmenistan and decisions of the Government of Turkmenistan, 2001, No. 12, the Art. 558).

5. To impose control over the implementation of this resolution on the Vice-chairman of the Cabinet of Ministers of Turkmenistan Aydogdyev D. and the Minister of the oil and gas industry and mineral resources of Turkmenistan Atayev G.

Approved by the resolution of the President of Turkmenistan of May 12, 2006, No. 7884

Procedure for carrying out the exchange biddings on sales of products of oil and gas complex of Turkmenistan for export

I. General provisions

1. This Procedure is developed according to the current legislation of Turkmenistan and regulates the procedure of realization at the exchange biddings (auctions) * developed by the companies of oil and gas complex of Turkmenistan of oil, products of oil and gas processing, petrochemistry and chemistry according to the established list (the Goods are referred to as).

This Procedure is not applied in case of realization at the State commodity and raw exchange of Turkmenistan of all other types of goods. At the same time in case of contradictions of provisions of this Procedure with the existing rules of trade at the Exchange regarding regulation of trade in Goods this Procedure is priority.

2. On the auction held by the State commodity and raw exchange of Turkmenistan on odd days of the week (bashgyun, hoshgyun, anna), Goods according to the list constituted according to requests of Sellers in coordination with the Vice-chairman of the Cabinet of Ministers of Turkmenistan supervising oil and gas complex, and in its absence - with the Minister of the oil and gas industry and mineral resources of Turkmenistan are exposed.

3. The Turkmenbashi complex of oil refineries acts as the seller of products of oil processing and petrochemistry, the seller of the liquefied gas made by Management Gazygayta-danishleyish, Turkmengaz State concern, the seller of crude oil and bentonite products - Turkmenneft State concern, the seller of chemical products - Garabogazsulfat production association.

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* The biddings are referred to as.

4. Amounts, delivery dates and the starting prices of the Goods exposed at the biddings are determined by Sellers in coordination with the Vice-chairman of the Cabinet of Ministers of Turkmenistan supervising oil and gas complex, and in its absence - the Minister of the oil and gas industry and mineral resources of Turkmenistan. Amounts and delivery dates of Goods are determined by Sellers based on monthly balance estimations of production and internal consumption. The starting prices of export are determined on the basis of the world prices for similar Goods taking into account the directions of delivery and the applied price amendments (discount or the allowance) which are established by the Seller based on results of the last sale of the Goods put up for sale.

Sales of goods for export is enabled for freely convertible currency.

For assessment of starting cost of Goods in the world markets the information reference book "Platt's" of the information and publishing company "The McGraw-Hill Companies" is used. Besides, in case of the Goods value assessment in case of its realization to the countries, border with Turkmenistan, the fixed prices (at least lower limit of the price) established by results of the biddings can be applied but only in case of transactions with commodity exportation term no more than 3 months.

5. Not later than 2 working days before tendering the Seller submits the requests for sale of the exposed Goods approved according to item 4 of this Procedure on the State commodity and raw exchange of Turkmenistan.

6. Buyers of Goods are legal entities - the nonresidents of Turkmenistan having rights of participation in the biddings at the State commodity and raw exchange of Turkmenistan. Buyers participate in the biddings personally or through the representatives by proxy.

II. Organization of the biddings

7. The biddings will be organized by the State commodity and raw exchange of Turkmenistan and carries out them together with the Supervisory board on realization for export of products of oil and gas complex of Turkmenistan * in the presence of representatives of other interested state bodies.

The supervisory board is the body performing functions on control of objectivity, legitimacy and feasibility of the bargains on purchase and sale of Goods concluded during trading and the performing the activities according to the current legislation of Turkmenistan and this procedure.

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* The Supervisory board is referred to as.

Decisions of the Supervisory board are made by a majority vote with participation in the biddings at least 2/3 of his members. The members of the Supervisory board not concordant with the common decision express special opinion in writing which is applied to the protocol on tendering.

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