Regulation on the authorized state institution on hydrocarbons management.

This Regulation establishes that the authorized state institution on hydrocarbons management shall have exclusive plenary powers for the issuance of licences and making contracts related to hydrocarbons management. The authorized state institution on hydrocarbons management shall carry out the following tasks: (a) acceptance and presentation of investment proposals in relation to the development of oil and gas sector, strategy and priorities of the use of hydrocarbon resources; (b) carrying out negotiations with the potential licence holder; (c) issuance of licences; (d) supervision over the implementation of the concluded contracts related to hydrocarbons management; and (e) periodical reporting to the President of Turkmenistan on extraction and management of hydrocarbons.