LAW OF TURKMENISTAN

of May 4, 2012 No. 302-IV

About modification and amendments in the Law of Turkmenistan "About hydrocarbonic resources"

I. Bring in the Law of Turkmenistan "About hydrocarbonic resources", adopted on August 20, 2008 (Sheets of Majlis of Turkmenistan, 2008, No. 3, Art. 40; 2010, No. 1, Art. 20; 2011, No. 3, Art. 61, No. 4, Art. 82), following changes and amendments:

1. To state item 4 of Article 1 in the following edition:

"4) Production - all work types on extraction from subsoil of Hydrocarbonic resources by primary methods or with artificial maintenance of energy of layer, to storage, preparation, loading, warehousing, transportation, measurements, delivery and marketing (sale) of Hydrocarbonic resources (including shares of the Agency) and other types of activity, including implementation of construction of facilities of infrastructure and other construction, acquisition and lease of tangible and intangible assets, according to the Agreement or at the request of the Agency;".

2. The second Article 6 to state part in the following edition:

"2. The agency has the right to establish the companies (company), to acquire shares and shares of other companies (companies), to open branches, representations and other divisions in the territory of Turkmenistan and abroad.".

3. In Article 7:

third after Item 3 to add part with items 4 and 5 following contents:

"4) to carry out Oil works or to charge their implementation to the Contractor.

All types of activity on storage, preparation, loading, warehousing, transportation, measurements, delivery and marketing (sale) of share of Hydrocarbonic resources of the Agency performed by the Agency or according to its order the Contractor and also other types of activity, including implementation of construction of facilities of infrastructure And other construction, acquisition and lease of tangible and intangible assets according to the Agreement or at the request of the Agency the Contractor, are Oil works;

5) to recommend Person for participation in the Agreement as the Contractor;";

consider Items 4-7 respectively Items 6-9.

4. In Article 12:

the second to add part with Item 11 of the following content:

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