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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of January 16, 2007 No. PP-567

About measures for conducting exploration works, development of fields and hydrocarbon production in Southwest Gissar's territories and the Ustyurt region of the Republic of Uzbekistan

(as amended on 26-01-2021)

For the purpose of increase in natural gas production and liquid hydrocarbons and attraction of direct foreign investments and special advanced technologies for effective geological exploration, development and arrangement of the reconnoitered and developed fields, and also hydrocarbon production in Southwest Gissar's territories and the Ustyurt region:

1. Take into consideration that:

the new concept of development of fields of Southwest Gissar taking into account deep conversion of gas on the Shurtansky gas-chemical complex and creation of the shipping terminal is developed for liquid hydrocarbons on the field Dzharkuduk;

The interstate oil company "SoyuzNefteGaz" for the purpose of practical implementation of the Production sharing agreement concerning fields in Southwest Gissar's territories and the Ustyurt region of the Republic of Uzbekistan created the specialized company "SoyuzNefteGaz Vostok Limited" (further - the investor);

according to the decision of Special state commission on development of conditions of use of subsoil plots and consideration of draft agreements on the Section of products of NHK "Uzbekneftegaz" together with the investor the Production sharing agreement concerning fields in Southwest Gissar's territories and the Ustyurt region between the Republic of Uzbekistan and the SoyuzNefteGaz Vostok Limited company is approved and prepared for signing (further - the Agreement);

for the organization of performance of works for the Agreement by the investor the operator in the form of the legal entity - the resident of the Republic of Uzbekistan will be created and registered in the Ministry of Justice (further - the operator);

for implementation according to the Agreement of marketing activity and the organization of joint sale of the made products, including share of the Republic of Uzbekistan, the investor will create the marketing company (further - the marketing company). All money which arrived from realization of the made products will be accumulated on the joint account opened by the marketing company in bank of the Republic of Uzbekistan for their subsequent distribution according to the Agreement;

in case of implementation of the Agreement the investor shall grant to the organizations of the Republic of Uzbekistan the privilege of participation in oil and gas transactions with use of local goods (works and services) for 60 percent at least, and also to involve citizens of the Republic of Uzbekistan within the project in number of at least 80 percent from total number of the involved workers with provision of opportunity to pass training and to improve skills by it;

the share of the Republic of Uzbekistan in profitable products constitutes from 55 to 80 percent depending on profitability of the project;

NHK "Uzbekneftegaz", the UZPEK Limited company and the investor prepare and approve the Agreement on the termination concerning earlier signed Production sharing agreement on investigation and development of oil and gas fields and construction of infrastructure in the licensed territories of the Central Ustyurt and Southwest Gissar of the Republic of Uzbekistan (further - the Agreement on the termination).

2. Approve the draft agreement on the Section of products between the Republic of Uzbekistan and the SoyuzNefteGaz Vostok Limited company concerning fields in Southwest Gissar's territories and the Ustyurt region of the Republic of Uzbekistan.

Authorize the chairman of the board of NHK "Uzbekneftegaz" Akhmedov N. A. sign the Contract on the termination with the UZPEK Limited company and the Agreement with the SoyuzNefteGaz Vostok Limited company on behalf of the Republic of Uzbekistan.

3. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 03.05.2018 No. UP-5428

4. NHK "Uzbekneftegaz" together with the investor in two-month time to determine and submit for approval in accordance with the established procedure of the coordinate of new investment blocks in the territory of the Ustyurt region of the Republic of Uzbekistan for conducting exploration works within the Agreement.

5. For the purpose of implementation of the Agreement on the termination to the State Customs Committee of the Republic of Uzbekistan to renew goods, materials, the equipment and other property imported by the UZPEK Limited company on SoyuzNefteGaz Vostok Limited without export of property out of limits of the Republic of Uzbekistan and without collection of customs duties, taxes and other obligatory payments (except for charges for customs clearance).

6. Resolve SoyuzNefteGaz Vostok Limited, in coordination with NHK "Uzbekneftegaz", start implementation in accordance with the terms of the Agreement of oil and gas transactions and degreasing, and also to construction of surface facilities of fields based on developed part of the working project.

7. To Central Bank of the Republic of Uzbekistan to issue in the procedure established by the legislation to the operator permission to opening of the bank accounts in foreign currency used only for implementation of oil and gas transactions within the Agreement in the first-class banks outside the Republic of Uzbekistan having correspondence relations with resident banks of the Republic of Uzbekistan.

8. Permit to issue NHK "Uzbekneftegaz" in accordance with the established procedure to the SoyuzNefteGaz Vostok Limited company of the license for right to use by subsoil plots for the purpose of:

implementation of exploration in Southwest Gissar's territories and the Ustyurt region within the geographical coordinates approved with the SoyuzNefteGaz Vostok Limited company for a period of five years with the right of further prolongation to the next three-year term;

hydrocarbon production for a period of thirty six years with the right of prolongation of term for five years according to the Agreement.

9. Determine that the structure of Managing committee of the Agreement from the Uzbek side includes representatives of the Cabinet of Ministers, Ministry of Economic Development and reducing poverty, the Ministry of Finance, Ministry of Justice, Ministry of investments and foreign trade of the Republic of Uzbekistan and NHK "Uzbekneftegaz".

10. NHK "Uzbekneftegaz" and the SoyuzNefteGaz Vostok Limited companies together with the Ministry of Justice, the Ministry of Foreign Economic Relations, Investments and Trades, the State Customs Committee of the Republic of Uzbekistan and the Uzstandart Agency to approve the procedure determining the procedure of customs clearance of the goods including intended for free circulation, and carrying out certification of the goods, materials, processing equipment and measuring instruments imported into the Republic of Uzbekistan and also on export out of limits of the Republic of Uzbekistan of hydrocarbons or products of their conversion, and also issue of certificates on products of own production and the goods origin belonging to the SoyuzNefteGaz Vostok Limited company.

11. Extend to the operator and the marketing company of privilege and preference provided to the investor within implementation of the Agreement.

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