Law amending Law No. 208-III “On hydrocarbons”.

Article 1 shall be amended to add the following wording: “Corporate group is a legal entity, which in accordance with this Law and the acts of the President of Turkmenistan is empowered to manage and use hydrocarbon resources (State Corporate Groups "Turkmenneft" and "Turkmengaz"). Article 6 shall be amended to add the following wording: “Production sharing agreement, concession agreement on royalty and tax terms and risk service contract shall be concluded between the Corporate Group and Contractor. In this case, the company may also act as a Contractor, which is a legal entity of the Group, or another national company. A Group company or other company that is a legal entity of the Group, or other national company may participate in the Joint Operation Agreement as a contractor."