RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of April 9, 2004 No. 168

About further development of the Sakhpakhty field in the Ustyurt region of the Republic of Uzbekistan

For the purpose of increase in natural gas production and attraction of direct foreign investments in further development of the Sakhpakhty field in the Ustyurt region the Cabinet of Ministers decides:

1. Take into consideration that:

between National holding company "Uzbekneftegaz" and Gazprom open joint stock company (Russia) the Agreement on long-term cooperation for 2004-2012 on realization of the Uzbek natural gas, participation in further development of the Sakhpakhty field is signed;

the Gazprom open joint stock company determines the investor as whom the Consortium without formation of legal entity as a part of Zarubezhneftegaz Ltd (Russia) and the Gas Project Development Asia Ag companies (Switzerland) acts;

the feasibility statement is developed and the draft agreement on the Section of products on further development of the Sakhpakhty field (Production sharing agreement) is prepared;

the investor shall invest for further development of the Sakhpakhty field in 2004-2007 15 million US dollars direct investments and attract advanced technologies, complete doobustroystvo of the field in 2004 and resume natural gas production in the II half-year 2004;

the investor pays all taxes, payments and charges provided by the Law of the Republic of Uzbekistan "About production sharing agreements" and the Production sharing agreement;

for the organization of performance of works for the Production sharing agreement by the investor the legal entity - the resident of the Republic of Uzbekistan is created (further - "Operator");

the investor bears property responsibility to the Republic of Uzbekistan and the authorized company for actions of the operator, as for own.

2. Approve the Production sharing agreement and authorize National holding the Uzbekneftegaz company to sign it on behalf of the Republic of Uzbekistan.

3. Determine that NHK "Uzbekneftegaz" is the Authorized company representing the Republic of Uzbekistan in case of implementation of the Production sharing agreement.

4. Extend to the operator of privilege and preference, provided to the investor in connection with implementation of the Production sharing agreement.

5. To issue to national holding company "Uzbekneftegaz" within five working days from the date of agreement signature about the Section of products, according to the Law of the Republic of Uzbekistan "About production sharing agreements", Zarubezhneftegaz Ltd the license for right to use by the subsoil plot including the Shakhpakhtinsky field, located in the Ustyurstky region of the Republic of Uzbekistan for the duration of the agreement about the Section of products.

6. Commissions of the Cabinet of Ministers of the Republic of Uzbekistan on licensing of activities for production, conversion and oil sale, gas and gas condensate, to designing, construction, operation and repair of trunk gas pipelines, oil pipelines and oil pipelines (Sultanov U. T.) within five working days from the date of submission of necessary documents to grant Zarubezhneftegaz Ltd license for activities on production, conversion and oil sale, gas and gas condensate on the duration of the agreement about the Section of products.

7. Confidentially

8. Confidentially

9. Confidentially

10. Confidentially

11. Recommend to the Central bank of the Republic of Uzbekistan to issue permission to the Operator on opening of bank accounts in foreign currency in banks in the territory of the foreign states used only for implementation of the Production sharing agreement.

12. To impose control over the implementation of this resolution on the Deputy prime minister of the Republic of Uzbekistan Sultanov U. T.

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