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The agreement between the Government of the Russian Federation and the Government of the Republic of Latvia on joint operation of the oil and oil pipelines passing on the territory of Latvia

of June 2, 1993

The government of the Russian Federation and the Government of the Republic of Latvia which are hereinafter referred to as with the Parties

aiming to develop mutually beneficial cooperation in the field of pipeline transport of oil and oil products, agreed

as follows:

Article 1

Based on the site of the Russian oil pipeline passing on the territory of Latvia Samara-Ventspils and the Latvian oil pipeline and systems of production and technological communication relating to them is created joint business (limited liability company) on operation of oil and oil pipelines (further - "joint business") according to the current legislation of the Republic of Latvia.

Article 2

The authorized capital of the created joint business is formed at the expense of property and other deposits of the Parties. For determination of the sizes of deposits of the Party create joint audit commission for assessment of the property of the Parties brought in the authorized capital of joint business.

Article 3

Founders of joint business are:

from the Russian Side - the State committee of the Russian Federation on management of state-owned property;

from the Latvian Side - the Ministry of Industry and Energy of the Republic of Latvia.

Conditions of activities of joint business on operation of oil and oil pipelines will be determined by supplementary special interservice agreements.

Article 4

The Latvian Side guarantees that the property rights of the Russian Side following from this agreement concerning investments and property in joint business will use such legal protection which is provided with the legislation of the Republic of Latvia to the Latvian Side concerning its property in this company. This property cannot be subjected to requisition, confiscation or nationalization.

The Latvian Side recognizes that the Russian legal entities owning share in the authorized capital and profit of the joint business created for operation of the oil pipeline and the oil pipeline, and also the investments performing in this company and reinvestments, are considered as foreign investors. Their activities in the territory of the Republic of Latvia are performed according to the legislation of the Republic of Latvia on foreign investments, this agreement and other International treaties which participants are both Parties.

Article 5

The arising disputes between founders of the joint business created according to this agreement, including about the termination of activities of the company, are subject to consideration and settlement by mutual consultations and negotiations between the State committee of the Russian Federation on management of state-owned property and the Representative of the government of the Republic of Latvia. If the Parties will not reach agreement as a result of such mutual consultations and negotiations, the dispute in case of the special consent of each of the Parties received according to their internal procedures can be transferred to reference tribunal.

The reference tribunal will consist of three judges: one, appointed by the Russian Side, the second, appointed by the Latvian Side, and third who will be the chairman of reference tribunal and is chosen the first two judges. If the first two judges are not able to agree about the candidate for the third judge, the third judge is elected the Chairman of International court. The majority of votes of judges is enough for decision making which will be final and obligatory for the parties in dispute. The third judge is authorized to resolve all points of order anyway when concerning them there are disagreements.

Article 6

This agreement becomes effective from the date of its signing.

It is made in Moscow on June 2, 1993 in duplicate, everyone in the Russian and Latvian languages, and both texts are equally authoritative.

 

For the Government of the Russian Federation

For the Government of the Republic of Latvia

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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