RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of January 11, 2002 No. 5493

About construction of installation of hydrotreating of diesel fuel at Turkmenbashinsky oil refinery

For the purpose of realization of the tasks set for oil and gas complex of the country in the 21st century - the Golden Age of the Turkmen people, accomplishment of the Development program of the oil and gas industry of Turkmenistan for the period from 2000 to 2010 and increases in competitiveness in the world markets of the diesel fuel issued by Turkmenbashinsky oil refinery, I decide:

1. Permit the State trade corporation "Turkmenneftegaz" to sign the contract with the Teknip Germany Gmbh company (Germany) for "turnkey" construction at Turkmenbashinsky oil refinery of installation of hydrotreating of diesel fuel with a productivity of 1,5 of one million tons per year total cost of 132091 thousand euros.

2. To national bank of foreign economic activity of Turkmenistan to sign the credit agreement with consortium of German banks led by Deutsche Bank for a period of 13 years under the insurance coverage of Hermes export insurance agency providing financing of 85 percent of cost of the contract specified in Item 1 of this resolution, and the amount of insurance premium and to provide its financing on structure of the operating credit line of 1996.

3. To the state fund of development of the oil and gas industry and mineral resources of Turkmenistan to perform:

advance payment of the Teknip Germany Gmbh company (Germany) in the amount of 15 percent from the cost of the contract - 19814 thousand euros and to Hermes export insurance agency - 15 percent from the cost of insurance premium;

payment of all sales charges provided by the credit agreement specified in Item 2 of this resolution, and all financial expenses in the period of construction.

4. State trade corporation "Turkmenneftegaz":

sign the credit agreement with National bank of foreign economic activity of Turkmenistan and provide timely loan repayment and the financial expenses connected with obtaining and servicing;

sign changes No. 1 to the long-term export contract No. 004/96-1507 with the company "Web Oil of Sepplay энд Trading Gmbh" (Germany) for export of products developed by Turkmenbashinsky oil refinery for ensuring return of the obtained credit;

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