Agreement on organization of Intergovernmental council on oil and gas

of March 2, 1993

The governments of the State Parties of this agreement which are hereinafter referred to as - the Parties,

noting importance of oil and gas in economy of the states,

recognizing need of coordinated actions for stabilization of production and transport of oil and gas, for the purpose of mutually advantageous integration in use of source of raw materials, investment, scientific and technical and other types of cooperation on development of oil and gas industries,

agreed as follows:

Article 1.

The parties, having complete independence in questions of forming of state policy of development of oil and gas industries:

combine efforts for investment, scientific and technical and other types of cooperation;

in coordination resolve legal, economic and organizational issues in the field of oil and gas on the basis of agreements, programs, investment and engineering designs, protocols and decisions.

Article 2.

For development of coordinated policy and combination of efforts on stabilization and further development of oil and gas industries Intergovernmental council on oil and gas is created (further - Council). Structure, tasks of Council, its legal status, structure, procedure for financing are determined by the Charter which is integral part of this agreement.

Article 3.

The agreement becomes effective from the date of its signing. Any Party can denounce this agreement, previously having notified Council in writing on the intention not later than six months before date of exit.

Article 4.

The agreement is open for accession of other states recognizing the Charter of Council and interested in goal achievement and Agreement tasks.

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