RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of August 31, 2006 No. 8037

About formation of joint-stock company "Turkmendemir

For the purpose of realization of the tasks on development of metal industry set by the National program "The Strategy of Economic, Political and Cultural Development of Turkmenistan for the Period till 2020", and rational use of scrap and waste of ferrous and non-ferrous metals I decide:

1. Form Turkmendemir joint-stock company as a part of the following founders - the Cabinet of Ministers of Turkmenistan and the Ministry of Energy and Industry of Turkmenistan the operator on management of Turkmendemir joint-stock company.

2. To the Ministry of Energy and Industry of Turkmenistan to transfer in accordance with the established procedure to the jurisdiction of Turkmendemir joint-stock company steel works under construction in the town to zadandepa and Turkmendemirchigmal production association.

3. To public service on foreign investments in case of the President of Turkmenistan in accordance with the established procedure to register Turkmendemir joint-stock company.

4. Permit Turkmendemir joint-stock company:

a) open the currency account in the Central bank of Turkmenistan;

b) conduct collection, procurement and procurement of scrap and waste of ferrous and non-ferrous metals;

c) in coordination with the Ministry of Energy and Industry of Turkmenistan to approve purchase prices on scrap and waste of ferrous and non-ferrous metals;

d) realize the made metal products:

to residents of Turkmenistan on contract prices for manats;

to the foreign companies which are carrying out works in the territory of Turkmenistan for foreign currency;

for export through the State commodity and raw exchange of Turkmenistan.

5. Hyakimlikam, to the ministries and departments to organize conducting permanent accounting of amounts of scrap and waste of the ferrous and non-ferrous metals which are formed at their jurisdictional enterprises and also to exercise strict control of their timely delivery to Turkmendemir joint-stock company.

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