LAW OF TURKMENISTAN

of October 1, 1993 No. 859-XII

About foreign concessions

This Law determines organizational, economic and legal conditions of creation and activities of foreign concessions in Turkmenistan.

Section 1. General provisions

Article 1. Concept of foreign concession

Concession is permission of the state to foreign legal entities and physical persons on implementation of certain type of economic activity in the territory of Turkmenistan.

Concession provides urgent, paid delivery by the state in operation to foreign legal entity or physical person to the concessionary on the basis of the agreement of the parcels of land, natural resources, the companies and other property.

Article 2. Legislative regulation of foreign concessions

1. The legal relationship arising from concessionary agreements are regulated by this law and other legal acts of Turkmenistan.

2. The legislation of Turkmenistan establishes the territories, objects of state-owned property, types of the companies, property which transfer to concession is limited or it is not allowed.

3. If other rules are established by the international treaty signed by Turkmenistan, than those which to contain in this law, then rules of the international treaty are applied.

Article 3. Basic principles of concessionary activities

Concessionary activities in Turkmenistan are performed on the following principles:

- assistance to the decision by Turkmenistan of economic tasks, to attraction of foreign investments, progressive structural transformations in economy and to implementation of the latest technologies;

- rational use of natural resources, ensuring ecological and sanitary and hygienic safety;

- ensuring production, conforming to the normative requirements established in Turkmenistan;

- participations in the solution of social tasks of the territories on which concessionary activities are performed;

- rendering to bodies of authority and management Turkmenistan assistance to concessionaries in realization of the tasks provided by the agreement on concession provision.

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