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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of December 15, 2005 No. 7661

About enhancement of structure and management of oil processing industry of Turkmenistan

(as amended on on February 20, 2006)

For the purpose of effective use of the hydrocarbonic resources got in Turkmenistan, their profound conversion, ensuring requirement of the population and industries of economy of Turkmenistan in fuel resources, increases in export of oil products and petrochemical products according to the tasks set by the National program "The Strategy of Economic, Political and Cultural Development of Turkmenistan for the Period till 2020", and also enhancement of organizational structure of management of oil processing industry I decide:

1. Transfer Seydinsky oil refinery to structure of Turkmenbashi complex of oil refineries as the independent legal entity.

Determine that the director of Seydinsky oil refinery is deputy director general of Turkmenbashi complex of oil refineries.

2. Assign the organization of work on production of oil products and other products of petrochemistry and export of oil products and the liquefied gas to Turkmenbashi complex of oil refineries.

Form as a part of Turkmenbashi complex of oil refineries Management of export and marketing of oil products with the status of the legal entity.

3. Ceased to be valid

4. To Turkmenbashi complex of oil refineries in 2 weeks time to develop and submit for approval in the Cabinet of Ministers of Turkmenistan the draft of the Charter of Kompeks.

5. Approve the list of the companies and organizations which are part of Turkmenbashi complex of oil refineries it (is applied).

6. Determine that the Turkmenbashi complex of oil refineries performs indemnification to Head department of Turkmennebitonumleri, the oil products connected with realization in the domestic market of Turkmenistan at regulated prices, by profit of the Complex on sales activities and according to the estimate approved by the Cabinet of Ministers of Turkmenistan.

7. This resolution becomes effective with 1 Turkmenbashi of 2006.

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