of December 7, 2001 No. 312-II
About production sharing agreements
The purpose of this Law is regulation of the relations arising in the course of the conclusion, execution and the termination of production sharing agreements when implementing investments into searches, investigation of fields and mining in the territory of the Republic of Uzbekistan.
The legislation on production sharing agreements consists of this Law and other acts of the legislation.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about production sharing agreements then are applied rules of the international treaty.
The production sharing agreement (further - the agreement) is the agreement according to which the Republic of Uzbekistan provides to the foreign investor (further - the investor) on paid basis and for certain term exclusive rights on searches, investigation of fields and mining on the subsoil plot specified in the agreement and on conducting the works connected with it, and the investor shall perform carrying out the specified works at own expense and on the risk.
The following shall be provided in the agreement:
description of the investment project and duration of the agreement;
procedure for provision to the investor of subsoil plots in use;
rights and obligations of the Parties;
bodies of joint management of execution of the agreement;
conditions of performance of works, development of working programs and budgets;
procedure for accounting;
conditions of the taxation and payment of other payments;
procedure for cost recovery and condition of the Section of products;
procedure for export of share of the investor;
independence of the investor in question of pricing on the share of profitable products belonging to it;
procedure for control of execution of the agreement;
procedure for the dispute resolution;
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