RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of July 2, 1999 No. 322

About increase in production of liquid hydrocarbons on fields of the Republic of Uzbekistan

For the purpose of growth in volumes of production of liquid hydrocarbons on the field Northern Urtabulak and other fields of the republic by attraction of the advanced technologies providing the most complete extraction of inventories of liquid hydrocarbons, decides the Cabinet of Ministers:

1. Agree with the conclusion of the contract between JSC Uzgeoneftegazdobycha, JSC Uzneftepererabotka and the "Baker Hughes (Cyprus) Limited" company for accomplishment of complex of works on increase in production of liquid hydrocarbons on the field Northern Urtabulak with their further conversion in the republic and realization on the international market (further the contract on increase in production).

2. Take into consideration that according to the feasibility statement on the project and the contract on increase in production the "Baker Hughes (Cyprus) Limited" company:

at the expense of own means it is settlement in the amount of 8, 1 mln. dollars of the USA and without education in the territory of the Republic of Uzbekistan of the legal entity or (branch performs the drilling, geological research of the reservoir, workover and other works allowing JSC Uzgeoneftegazdobycha to receive surplus of production of liquid hydrocarbons on the field Northern Urtabulak in total amount to 472,9 of one thousand tons;

in process of production, as investment income, acquires the property right to share of the liquid hydrocarbons which are in addition received by means of implementation of this project in the amount of 50 percent in the first three years and in the amount of 20 percent in the next five years from the moment of production surplus from each well;

together with JSC Uzgeoneftegazdobycha and JSC Uzneftepererabotka implements by proxy the dealer own share of the processed liquid hydrocarbons;

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