RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of December 22, 1997 No. 3462

About approval of the Regulations on Turkmenneft State concern

Approve the enclosed Regulations on Turkmenneft State concern.

Approved by the resolution of the President of Turkmenistan of December 22, 1997 No. 3462

Regulations on Turkmenneft State concern

1. The Turkmenneft state concern (the Concern is referred to as) is formed based on Balkannebitgazsenagat concern of the former Ministry of oil and gas of Turkmenistan and is the production and economic complex performing development of oil fields in all territory of Turkmenistan and providing creation of economic and social conditions for effective development of oil and gas condensate production.

2. The concern in the activities is guided by the Constitution of Turkmenistan, the laws of Turkmenistan, acts of the President of Turkmenistan, resolutions of Majlis of Turkmenistan, decisions of the Cabinet of Ministers of Turkmenistan and this Provision.

3. The main objectives of activities of Concern are:

implementation of the Concept of development of the oil and gas industry of Turkmenistan in oil and gas condensate production;

development of oil fields in all territory of Turkmenistan;

creation of economic and social conditions for effective development of oil and gas condensate production;

providing stock gain of hydrocarbonic raw materials, and also the most complete and rational use of oil resources and bentonite taking into account their limitation, nonregenerability, uniqueness and value;

ensuring balancing and optimization of all proportions in development of oil-extracting complex, receipt of the greatest economic effect in development and deployment of the new equipment and technology;

development of the long-term forecasts and the prospects of development of oil-extracting and ore mining industry forming basis for development of state policy in the field of oil and solid minerals;

organization and implementation of works on ensuring oil export, gas and bentonite, to import of the necessary equipment, materials, consumer goods, food, marketing and foreign economic activity;

concentration of material, labor and financial resources for the decision production and social and economic problems on successful development of the oil industry due to complete use of capacity of each company;

development and realization of investment policy and social programs.

4. According to the tasks assigned to it the Concern performs the following functions:

determines strategic directions of development of oil complex, the main extracting regions of Turkmenistan, proportionality of development of infrastructure, the main and other functional and territorial subsystems of complex;

develops long-term forecasts and the prospects of development of oil complex of Turkmenistan together with the companies;

determines together with the companies production volume of hydrocarbonic raw materials, release of other products taking into account the assumed liabilities;

provides the accelerated reducing idling well stock of operational wells;

approves to the companies long-term standard rates, including standard rates of contributions to centralized funds and reserves of Concern and the direction of their expenditure;

together with state bodies takes part in development of economic standard rates, taxes and wholesale prices of the industry for products of Concern;

it is joint with the companies develops system of actions for equalization of the conditions of managing caused by various mining-and-geological factors including by means of estimated prices (the prices of the companies), rent payments, tax benefits etc.;

develops and pursues effective investment policy according to interests of Concern and the national economy, will organize project development on construction new, modernization, reconstruction and expansion of the operating productions and objects;

distributes on the companies amounts of capital construction due to centralized capital investments, financial resources of Concern, exercises control of their effective use;

will organize work on rational use of subsoil with achievement maximum oil and gazokondensatootdach of layers and all taken components, places among the scientific organizations orders for scientific and technical developments according to the solution of regional problems, determines resources of the funds of centralized fund allocated for these purposes;

performs development and carrying out single scientific and technical policy, permanent increase in technological level of production organization, enhancement of engineering procedures in investigation, production of hydrocarbonic raw materials, its transport, release of high-quality and competitive products;

performs measures for effective development and use of scientific and technical potential production, for the accelerated conclusion of the companies to the modern level of science and technology, will organize broad application of the most progressive technical innovations, opening and inventions;

provides increase in overall performance of the scientific and technical, design and technological organizations which are part of Concern, enhancement of works on release of scientific and technical products on contractual and competitive basis takes measures for strengthening of laboratory and research and experienced and experimental base of the scientific organizations;

provides information servicing of the companies, information support of target scientific and technical programs, exchange of the best scientific and technical practices, will organize advertizing of products of Concern;

exercises control of productive and economic activity of the companies which are part of Concern, provides the analysis and audit of their financial and economic activities;

considers and approves accounting reports and balances of the companies entering into Concern, increases role and the responsibility of functional services for respecting the rule of law, timeliness and quality of accounting and the reporting;

provides quarterly and annual accounts and information on results of financial and economic activities of the companies of Concern in the Ministry of the oil and gas industry and mineral resources of Turkmenistan;

provides when forming the financial plan of Concern balance of all types of financial and credit resources with indicators of the economic and social development, and also participation of the companies which are part of Concern, in forming of the income state (including local) the budget;

will form due to assignments of the companies, centralized funds and reserves, allocates their funds for holding actions of production, scientific and technical and social appointment, provides effective use of these means;

will organize preparation, retraining and advanced training of specialists, develops and approves procedure for employee assessment and qualification requirements to positions;

develops measures for social protection of employees of Concern;

gives methodical, advisory and organizational help to jurisdictional enterprises, bodies of the local executive authority on the questions which are within the competence of Concern.

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