RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of March 1, 2016 No. 61

About the Procedure for transfer by the foreign investor of property, newly created or acquired within production sharing agreements

According to article 17 of the Law of the Republic of Uzbekistan "About production sharing agreements" and for the purpose of establishment of single procedure for cession of property from the foreign investor to the Republic of Uzbekistan within production sharing agreements the Cabinet of Ministers decides:

1. Take into consideration that according to the legislation of the Republic of Uzbekistan and conditions of production sharing agreements concerning search, investigations of fields and production of oil and gas raw materials (further - the Production Sharing Agreement):

the newly created or acquired by the investor property used by it for performance of works under the Production Sharing Agreement is property of the investor if other is not provided by the Production Sharing Agreement;

during Production Sharing Agreement effective period the foreign investor has no right to export out of limits of the Republic of Uzbekistan, to sell, exchange or to otherwise alienate property, newly created or acquired within the Production Sharing Agreement, without the permission on that authorized body on implementation of the Production Sharing Agreement;

the property right to property, newly created or acquired within the Production Sharing Agreement, passes from the foreign investor to the Republic of Uzbekistan from the date of when the cost of the specified property is completely compensated, or from the date of the termination of the Production Sharing Agreement, or from other day approved by the parties on conditions and according to the procedure, the provided Production Sharing Agreements;

during Production Sharing Agreement effective period the foreign investor is granted exclusive right on use of such property on a grant basis for work under the Production Sharing Agreement, and the foreign investor incurs costs for content of the property which is in its use and burden of risk of his accidental death or accidental damage;

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