The agreement between the Government of the Russian Federation and the Government of Turkmenistan on cooperation in oil and gas industries

of May 17, 1995

The government of the Russian Federation and the Government of Turkmenistan which further are referred to as with the Parties

being guided by the Agreement between the Government of the Russian Federation and the Government of Turkmenistan on free trade of November 11, 1992, the Ashgabat declaration on development of cooperation and enforcement of trust in the relations between the State Parties of the Commonwealth of Independent States of December 24, 1993, the Agreement on cooperation in the field of investing activities of the State Parties of the Commonwealth of Independent States of December 24, 1993,

in development of the Agreement between the Government of the Russian Federation and the Government of Turkmenistan about cooperation in development of fuel and energy complexes of April 15, 1994,

attaching importance to deepening of mutually beneficial long-term economic cooperation and recognizing interest of the Parties in effective use of source of raw materials,

considering need of creation of conditions for joint development and implementation of target programs and projects of cooperation for oil and gas industries,

agreed as follows:

Article 1.

The parties will develop in every possible way long-term cooperation in the field of search and prospecting drilling, development and arrangement of oil and gas fields, construction and operation oil, gazo-and products pipelines, transit of oil and gas for export on mutually advantageous conditions with attracting investors, including from the third countries.

Article 2.

The parties will create joint Joint stock company on development of fields of hydrocarbonic raw material in the territory of Turkmenistan and operation of production facilities and transport of hydrocarbons for realization for export on newly created transport systems.

The parties charge to the Russian joint stock company "Gazprom" and the Ministry of oil and gas of Turkmenistan to determine the main activities of Joint stock company in a month and according to the legislation of the Parties to process constituent documents.

The ministry of oil and gas of Turkmenistan can take part in construction of new export gas pipelines within Joint stock company.

Article 3.

The parties will consider the possibility of cooperation in implementation of investigation and development of hydrocarbonic resources in the territory of Turkmenistan, and also in the water area of the Caspian Sea.

Article 4.

The parties will promote creation of joint businesses of different patterns of ownership, including with participation of the third countries, in the field of mechanical engineering, capital repairs of the oil and gas equipment, maintenance of gas-transport systems, and also in the field of implementation of scientific and technical programs.

Article 5.

The parties will charge to relevant organs and the organizations to prepare offers on transportation of hydrocarbonic raw material for export to the third countries on the territories of the Russian Federation and Turkmenistan on newly created transport systems.

Article 6.

The parties will charge to relevant organs to organize quarterly submission to the permanent Russian-Turkmen commission on cooperation of information on the course of accomplishment of this agreement.

Article 7.

This agreement does not affect the rights and obligations of the Parties following from other international treaties signed by them.

Article 8.

This agreement becomes effective from the date of signing and will remain in force before the expiration of six months from the date of when one of the Parties notifies in writing other Party on the intention to stop its action.

Signed in the city of Moscow on May 17, 1995 in duplicate, everyone in the Russian and Turkmen languages, and both texts are equally authoritative.

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