RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of December 22, 1997 No. 3462

About approval of the Regulations on Turkmenneft State concern

Approve the enclosed Regulations on Turkmenneft State concern.

Approved by the resolution of the President of Turkmenistan of December 22, 1997 No. 3462

Regulations on Turkmenneft State concern

1. The Turkmenneft state concern (the Concern is referred to as) is formed based on Balkannebitgazsenagat concern of the former Ministry of oil and gas of Turkmenistan and is the production and economic complex performing development of oil fields in all territory of Turkmenistan and providing creation of economic and social conditions for effective development of oil and gas condensate production.

2. The concern in the activities is guided by the Constitution of Turkmenistan, the laws of Turkmenistan, acts of the President of Turkmenistan, resolutions of Majlis of Turkmenistan, decisions of the Cabinet of Ministers of Turkmenistan and this Provision.

3. The main objectives of activities of Concern are:

implementation of the Concept of development of the oil and gas industry of Turkmenistan in oil and gas condensate production;

development of oil fields in all territory of Turkmenistan;

creation of economic and social conditions for effective development of oil and gas condensate production;

providing stock gain of hydrocarbonic raw material, and also the most complete and rational use of oil resources and bentonite taking into account their limitation, nonregenerability, uniqueness and value;

ensuring balancing and optimization of all proportions in development of oil-extracting complex, receipt of the greatest economic effect in development and deployment of the new equipment and technology;

development of the long-term forecasts and perspectives of development of oil-extracting and ore mining industry forming basis for development of state policy in the field of oil and solid minerals;

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