LAW OF TURKMENISTAN

of September 12, 2016 No. 436-V

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; 2012, No. 2, Art. 53, No. 4, Art. 119), following changes and amendments:

1. In Article 1:

consider Item 1 invalid;

in Item 2 of the text of the Law in state language of the word "Blok" and "bloklaryn" to replace respectively with the words "Toplum" and "toplumlaryn";

in Item 5 of the word "The agency or" and "(corporation)" to exclude;

state Item 7 in the following edition:

"7) Concern - the legal entity who according to this Law and acts of the President of Turkmenistan is given authority on management and use of hydrocarbonic resources (Turkmenneft and Turkmengaz state concerns)".;

in Item 16 of the word "The agency and (or)" and "(corporation)" to exclude;

in Item 26 of the word "Agency or" and "(corporation)" to exclude.

2. In the name of Chapter II of the word "Agencies and" and "(corporation)" to exclude.

3. State Article 6 in the following edition:

"Article 6. Bases of legal status of Concern

Legal status of Concern is determined by the legislation of Turkmenistan.".

4. Consider Article 8 invalid.

5. In Item in state language the word "Bloklaryn" to replace 5 parts two of Article 12 of the text of the Law with the word "Toplumlaryn".

6. Second and third Article 21 to state parts in the following edition:

"2. The agreement on the Section of products, the Agreement on concession on the terms of royalty and tax and the Contract for Services with risk consist between Concern and the Contractor. At the same time also the company, being the legal entity of Concern, or other national company can act as the Contractor.

3. The company, being the legal entity of Concern, or other national company can participate in the Cooperation agreement as the Contractor.".

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