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of December 22, 1997 No. 3462

About approval of the Regulations on Turkmenneft State concern

Approve the enclosed Regulations on Turkmenneft State concern.


President of Turkmenistan

Saparmurat Turkmenbashi

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;

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