Agreement between the Government of the Kyrgyz Republic and Government of the Russian Federation on construction of Kambaratinsky GES-1
of February 3, 2009
The government of the Kyrgyz Republic (the Kyrgyz Side) and the Government of the Russian Federation (Russian side) which further are referred to as "Party"
in view of the signed Agreement between the Government of the Kyrgyz Republic and the Government of the Russian Federation on development of cooperation in the field of power industry of October 9, 2008,
confirming the commitment to the purposes of the specified Agreement and to the mutual rights and obligations of the Parties affirmed in it,
considering that the Parties have potential necessary for realization of the purposes of this agreement,
agreed as follows:
The purpose of this agreement is the cooperation of the Parties on construction and operation of Kambaratinsky GES-1 and infrastructure facilities, necessary for its functioning (further - the Project).
The parties render assistance to creation of Joint-stock company, being the owner of Kambaratinsky GES-1 (further - Society).
Society is established according to the legislation of the Kyrgyz Republic the following business entities of the Parties having shares in the authorized (joint-stock) capital:
JSC INTER RAO UES - 50%;
JSC Elektricheskiye stantsii - 50%,
further referred to as - Founders.
Founders carry out registration of Society till 6 months after the signature of this agreement.
Three representatives from the Russian Founder and two representatives from the Kyrgyz Founder are part of the Board of directors of Society. The chairman of the board of directors of Society is elected on representation of the Russian Founder.
The decision of the Board of directors is made jointly.
The board of Society affirms the Board of directors and consists of three representatives of the Kyrgyz Founder and two representatives of the Russian Founder.
The Russian side will provide attraction on the purpose of construction of Kambaratinsky GES-1 of means in the amount 1, to 7 billion US dollars in the form of the credit resources (under interest rate of LIBOR plus 3 annual interest rates, grace period - 8 years, loan repayment period - 20 years) provided to the created Society within four years, since 2009.
The parties agreed that JSC Naryngidroenergostroy, and also other Kyrgyz and Russian organizations have privileges in case of the conclusion of contracts and contracts for performance of works, and also supplies of equipment, materials and services in this Project on market conditions.
The Kyrgyz Side renders assistance to Society regarding allocation of the parcels of land and the relevant allowing documents, licenses necessary for project implementation, and also provides application of the ecological requirements to the Project existing at the time of the signature of this agreement.
The Kyrgyz Side provides protection of investments of the Russian Side in the Project according to rules of international law and the legislation of the Kyrgyz Republic.
In the cases of introduction of amendments to the legislation of the Kyrgyz Republic leading to deterioration in conditions of the taxation of Society and its contract organizations which are taking part in project implementations, their taxation for return of the means invested in project implementation it will be performed according to the legislation of the Kyrgyz Republic existing for signature date of this agreement.
Provisions of this agreement do not affect the rights and obligations of each of the Parties according to other international treaties which participant is its state.
The parties take all reasonable and admissible measures aimed at providing proper accomplishment by Founders of the obligations within the Project.
Coordination of activities for accomplishment of this agreement and control of its accomplishment are exercised by the following Authorized bodies:
from the Kyrgyz Side - the Ministry of Industry, Energy and Fuel Resources of the Kyrgyz Republic;
from the Russian Side - the Ministry of Energy of the Russian Federation.
In case of replacement of Authorized bodies, the Parties without delay will notify on this each other.
Disagreements between the Parties in interpretation and (or) application of provisions of this agreement which cannot be eliminated by consultations between authorized bodies will be permitted by negotiations between the Parties with execution of protocols.
1. This agreement is signed sine die, temporarily applied from the date of its signing and becomes effective after receipt of the last notification by the Parties in writing through diplomatic channels about accomplishment of the interstate procedures by the Parties necessary for its entry into force.
2. This agreement can be changed or stopped from written consent of the Parties. Any changes of this agreement become effective according to Item 1 of this Article.
3. Cancellation of this agreement will not affect accomplishment of the obligations provided by agreements (contracts) signed within this agreement during its action.
It is made in the city of Moscow on February 3, 2009 in duplicate, everyone in the Kyrgyz and Russian languages, and both texts are equally authoritative. In case of disagreements in case of interpretation of provisions of this agreement the text in Russian will be used.
For the Government
For the Government
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