RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of July 1, 1996 No. 2700

About formation of Turkmenneft State concern

For the purpose of ensuring the accelerated development of oil fields, I decide increases in oil and gas condensate production, enhancement of managements of the oil industry:

1. Form Turkmenneft State concern based on Balkannebitsenagat concern of the Ministry of oil and gas of Turkmenistan.

2. Determine that the Turkmenneft State concern has complete economic independence and in the activities submits to the President of Turkmenistan and the Cabinet of Ministers of Turkmenistan.

3. Assign to Turkmenneft State concern development of oil fields in all territory of Turkmenistan, and responsibility for growth in volumes of oil and gas condensate production.

4. Approve organizational structure of Turkmenneft State concern according to appendix No. 1 and structure of central office of Concern according to appendix No. 2.

5. Establish the number of employees of central office of Turkmenneft State concern in number of 120 people.

6. Permit the Chairman of Turkmenneft State concern to have four deputies.

7. To Turkmenneft state concern to develop and submit the project of the Regulations on Concern for consideration of the Cabinet of Ministers of Turkmenistan in a month.

Appendix № 2

to the resolution of the President of Turkmenistan of July 1, 1996 No. 2700

Structure of central office of Turmenneft State concern

Management

The device in case of management

Management of economy and finance

Management of geology

Management of drilling

Management of production

Production technical management

Management of the chief mechanical engineer

Management of the chief power engineer

Management on foreign economic relations and coordination of work of joint businesses

Management of personnel and social development

Administrative management

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