tjci1j/}ey- / t;t 20 I0;

Transcription

1 ixrac NEFTiNiN SATI~I UZRa sxzrs Haztrkt Sazis Azarbaycandaki Numayondaliyin prezidenti conab Mustafa Corbaci torofindcn tomsil olunan «Bahar Energy Operating Company Limited» sirkoti (bundan soma «Kornitent» adlanacaq), Idaro roisi ccnab Zohrab Quliyev torafindcn tamsil olunan Azorbaycan Respublikasi Dovlot Neft Sirkotinin «N eft Ksmorlori» Idarosi (bundan soma «Noqledici» adlanacaq) va Idaro rsisi conab Odnan 8hmadzadg torcfinden tomsil olunan Azorbaycan Respublikasi Dovlot Neft Sirkotinin Marketing Vg Iqtisadi 8mgliyyatlar Idarosi (bundan soma «Kornisyoncu» adlanacaq) arasmda baglanrrusdtr. Nozaro alaraq ki, Azorbaycan Respublikasi Dovlot Neft Sirkotinin (bundan sonra ARDN$ adlanacaq) «A RDN $-nin muassisolori va Podratcilar arasmda neftin vo neft mchsullarmm noqli, ixraci va satisi uzro qarsihq 11 munasibatlorin tcnzimlcnmssino dair» 26 dekabr 2005-ci il tarixli 134 nomroli vo «ARDN$-nin muassisolari arasmda mallarm, islorin Vg xidmstlorin toqdim edilrnosi iizro mtmasibatlorin tsnzimlanmosi haqqmda» 18 may 2007-ci il tarixli, 94 ncmroli cmrlori verilrnisdir; «Bahar Energy Operating Company Limited» 22 dekabr 2009-cu il tarixdo Azorbaycan Respublikasi Dovlot Neft Sirkoti va Podratcilar arasinda imzalanmis vo L tjdwo-8r 201 O-cu il tarixdo quvvcyo minrnis «Azorbaycan RMipublikasmda Bahar va Qum-Doniz neft yataqlannm daxil oldugu Blokun Kosflyyan, Borpasr, lslonmcsi va Hasilatm Pay Bolgust; haqqmda Sazis» (KBiHPBS) uzrs 8maliyyat Sirkotidir;.J<rSiJi1f':/CI:.fJ{!' 20 1O-cu ii tarixli Neftin Birge Satisr haqqmda Sazi~JIl;ygun olaraq KBiHPBS taroflsri «Bahar Energy Operating Company Limited» sirkotins, oz agenti qisminds KBiHPBS-<l muvafiq olaraq hasil edilmis ixrac Neftini (IN) satmaq huququnu vermisdir; «K omitent», «Noqledici» Vg «Kornisyoncu» (bundan soma ayn-aynliqda «Tarof», birlikdo «Toraflor» adlanacaq) asagidakilar baroda razihga goldilor. AGREEMENT for the Sale of World Market Oil This Agreement is concluded between the Azerbaijani Representation of "Bahar Energy Operating Company Limited" (hereinafter referred to as "Consignor", represented by its President Mr. Mustafa Corbaci, the Oil Pipelines Division (hereinafter referred to as "Transporter") of the State Oil Company of Azerbaijan Republic, represented by its Chief of Division Mr. Zohrab Guliyev, and the State Oil Company of Azerbaijan Republic Marketing and Operations (hereinafter referred to as "Commission Agent"), represented by its General Manager Mr. Adnan Ahmadzada. IN VIEW OF Orders of the State Oil Company of Azerbaijan Republic (hereinafter referred to as "SOCAR") dated December 26, 2005 No. 134 titled «Governing Mutual Relations between SOCAR Enterprises and Contractors in Transport, Export and Sale of Petroleum and Petroleum Products» and dated May 18, 2007 No. 94 titled "Governing Relations among SOCAR Enterprises in Providing Goods, Work and Services»: AND WHEREAS "Bahar Energy Operating Company Limited" is the Operating Company under the Exploration, Rehabilitation, Development and Production Sharing Agreement for the Block encompassing the Bahar and Gum Deniz oil fields within the Republic of Azerbaijan (ERDPSA) that was signed between the State Oil Company of Azerbaijan Republic (SOCAR), and Contractors on the December 22, 2009 and effective as of tjci1j/}ey- / t;t 20 I0; AND WHEREAS, pursuant to the Joint Lifting Agreement dated ~2.t, 2010, the ERDPSA Parties have designated "Bahar Energy Operating Company Limited" as their agent to sell World Market Oil (WMO) produced under the ERDPSA; The "Consignor", "Transporter" and "Commission Agent" (hereinafter referred to separately as "Party" and collectively as "Parties") hereby enter into the following agreement. 1. TaRiFLaR. 1.1.Barel faktor ci maddsdo ona verilmis monam dasiyrr. 1.2.Ahci - «Komisyoncunnun muvafiq sans muqavi lssi (Sans haqqmda miiqavila) uzra Sans mantaqosinda «Kornisyoncu» tcrofindon satilrms ARDN$-nin ixrac 1. DEFINITIONS. 1.1 Barrel Factor - Has the meaning ascribed to it in Article Buyer - A buyer of SOCAR's export oil sold by the "Commission Agent" at the Sales Point under a relevant "Commission Agent" sales contract (Sales Contract).

2 neftinin ahcisi. 1.3 Catdmlma mantaqosi - «Komitent» torofindsn in-nin «Noqledicixya noql tlcun toqdim edildiyi montcqo Suraxam qobul-tahvil mantsqosi. 1.4 Catdmlan in - «Komitent» terofindsn Catdmlma montoqcsinde noql Iictln tchvils taqdim edilon ixrac toyinatlt neft. 1.5 Tahvil qrafiki ci maddado ana verilmis monam dasiyir. 1.6 Ekvivalent ixrac Nefti (EiN) - Xam neftin ixrac marsrutundan asih olaraq Sazisin muvafiq qosmalannda gostorildiyi kimi Catdmlan IN-nin avozinds ekvivalent miqdarda Tochizat montaqosins tochiz edilmis ARDN~-nin xam nefti. 1.7 Keyfiyyat pasportu - Qosma 3 kimi olavo olunrnus sonod. 1.8 Tschizat mantsqosi «Noqledici» tarofindan «Komitenteo moxsus EIN-nin Digor Yukdasiyrcrya tohvil verildiyi bir ve ya daha 90X (bu Sazisin Qosma Nsl-n vo ya digcr muvafiq qosmalann uygun alan bolmalcrino asason) mcntoqclcr. Tochizat montoqssi ARDN$ torafindsn tosdiq olunmus xam neftin ixrac marsrutundan va sans sertlerindon asih olaraq muoyyon olunur. 1.9 Sans mtiqavilosi - 3.lA-cli maddodo ona verilmis monarn dasryir Sans msntoqasi "Kornisyoncu" ilo Alter arasinda baglanrms ARDN$ ixrac neftinin satisi uzro muvafiq sazisds gostorildiyi kimi xam neftin "Komisyoncu'tdan Ahciya oturulduytt montoqo Sans qiymoti ci mad dada ona verilmis monam dasiyir Digar Yilkdasryzcrlar - Tochizat montoqcsindon Sans montaqosinodak bu Sazisdo istinad edilon «Noqledicixdon soma bu Sazisin Qosma N21 vc ya digor miivafiq qosmalann uygun alan bolmelarino osasan, lakin bunlarla mohdudlasmayaraq xam neftin noqli iizra xidmot gostoron digor noql sistemlorinin operatorlan. 2. sazisin MOVZUSU Hazirkr Sazisin sortlsrino uygun olaraq bu Sazisin Tcrcflcri asagidakrlan oz ohdalorina gotururlor: - «Komitent» hasil etdiyi in-i noql iicun Catdinlma mcntcqosindo «Ncqledicixys tschiz etmoyi; - «Noqledici» in-ni qobul etmoyi V;} onun muqabilinds EIN-i Tochizat mcntoqcsinc naql etmoyi; - «Komisyoncu» EiN-nin Sans mcntcqcsindo sansim 1.3 Delivery Point - The facility to which the "Consignor" delivers WMO to the «Transporter» for transport - Surakhanr Delivery-Acceptance Point. 1.4 Delivered WMO - Oil destined for export, which the "Consignor" delivers WMO for transport at the Delivery point. 1.5 Delivery Schedule - Has the meaning ascribed to it in Article 3.3.I. 1.6 Equivalent WMO (EWMO) - An equivalent amount of SOCAR crude oil that is provided to the Redelivery point in exchange for Delivered WMO, as specified in relevant appendices to this Agreement depending on export route of crude oil. 1.7 Quality Certificate - The document attached as Appendix Redelivery Point - One or more points (in accordance with the relevant sections of Appendix 1 or other corresponding appendices to this Agreement) where the "Transporter" delivers EWMO that belongs to the "Consignor", to Other Shipper. The Redelivery point is identified depending on SOCAR-approved terms of sales and export route for crude oil 1.9 Sales Contract - Has the meaning ascribed to it in Article Sales Point - The facility at which crude oil is transferred from the "Commission "Agent" to the Buyer, as indicated in the relevant SOCAR export oil sales agreement between the "Commission Agent" and the Buyer Sales Price - Has the meaning ascribed to it in Article Other Shippers - Operators of other transportation systems providing crude oil delivery from the Redelivery point to the Sales Point in accordance with but not limited to the relevant sections of Appendix 1 or other corresponding appendices to this Agreement, other than "Transporter" cited herein. 2. SUBJECT OF THE AGREEMENT 2.1 In accordance with the subject of this Agreement, the Parties to the Agreement undertake as follows: "Consignor" to deliver produced WMO to the "Transporter" at the Delivery Point; "Transporter" to receive WMO and, in exchange, to transport EWMO to the Redelivery point; "Commission Agent" to sell the EWMO at the Sales

3 hoyata kecirmoyi Vel EIN-nin doyorini «Kornitentso odcmoyi; - «Komitent» «Noqledicb.nin va «Komisyoncuxnun xidmot haqlanru odomoyi Hazirki Saziss slave edilmis asagidaki Qosmalar onun aynlmaz hissosi hesab edilir. Qosma-I sortler; Qosma-Z Qosrna-S Qosma-t Qosma-S Qosma-ti Qosma-? Xam neftin ixrac istiqamatlori uzro xlisusi Catdinlma qrafiki; Keyfiyyot pasportu; Qobul-Tchvil akti (saygac ilo); Qabul-Tohvil akti (Con ilo); Yerli Uzlcsmo akti; Uzlosmo akti, Point and pay the "Consignor" the value of the EWMO; "Consignor" to pay service fees to the "Transporter" and "Commission Agent". 2.2 All Appendices are considered an integral part of the Agreement. Appendix 1 - Special conditions of crude oil export routes Appendix 2 - Delivery Schedule Appendix 3 - Quality Certificate Appendix 4 - Delivery-Acceptance Act (as per meter) Appendix 5 - Delivery -Acceptance Act (as per tank) Appendix 6 - Local Collation Act Appendix 7 - Collation Act 3.1. ixrac neftin tochizan 3. (:ATDIRILMA «Komitent» in-i Catdin Ima mantcqcsino hazrrki Saziso clava edilmis 2 nomroli Qosmada oksini taprrus ayliq, rubluk va illik Catdrnlma qrafikins uygun olaraq toqdim edir «Komitent» nibluk Catdrnlma qrafikindo ayliq vo rub IIik, illik Catdmlma qrafikindo iss rubliik va iilik umurni neft partiyalanrn, bu partiyalann torkibinds INnin kutlosini oks etdirir. tn -nin kutlssi Catdmlma montoqssina catdmlan umumi neft partiyasinm kutlesindon KBiHPBS-a muvafiq olaraq muayyon edilon Kompensasiya Xam Neftinin kutlosi cixrlmaqla toyin edilir «Kornitent» rubluk Catdmlma qrafikini her bir rabun ilk toqvim ayirun baslanrnasma 10 (on) gun qalmrs muddotde, iilik Catdmlma qrafikini iso ilin ilk tsqvim aymm baslanmasma 25 (iyirmi bes) gun qalrms muddotds tsqdim edir «Kornitent» omaliyyat va texnoloji soraitdon asrh olaraq Catdmlma qrafikino muoyysn dcyisikliklor etdiyi halda bu dcyisikliklor barsdo «Noqlediciayc 48 (qirx sokkiz) saat oncadon rosrni bildiris toqdim edir «Komitent» altemativ marketinq imkanlanndan asih oiaraq Catdmlrna qrafiklorinc doyisikliklor edc bilsr. Bu halda «Kornitent» doyisiklikler baroda «Ncqledicieyo a11 azi 25 (iyirmi bes) gun oncsdcn yazih bildiris toqdim edir «Noqledici» «Komitent» tarcfindan Catdmlma mantoqesindc tn-ni Catdmlma qrafiklarino uygun olaraq qobul edir ve in-n~ ekvivalent ktitlodo ovozlasdirilmis ARDN$-yg m;lxsus nefti (EtN-ni) ARDN$-nin ixrac neft partiyasmm tarkibindo vo ARDN$ tcrofindon tosdiq olunmus ixrac plam, ixrac marsrutu vo sans sortlori 3.1. Delivery of WMO 3. DELIVERY "Consignor" shall deliver WMO at Delivery point in accordance with the monthly, quarterly and annual Delivery Schedule shown in Appendix 2 to this Agreement In the quarterly Delivery Schedule, the "Consignor" shal1 provide breakdowns of the WMO on monthly and quarterly basis. In the annual Delivery Schedule, quarterly and annual breakdown shall be provided. The WMO is determined by deducting the quantity of Compensatory Crude Oil defined in accordance with ERDPSA, from the total delivered quantity of crude oil at the Delivery point The "Consignor" shall submit the quarterly delivery schedule 10 (ten) days prior to the start of the first calendar month of the quarter. The annual supply schedule shall be submitted 25 (twenty five) days prior to the start of the first calendar month of the year If any particular changes are made to the Delivery Schedule depending on operational or technical conditions, the "Consignor" shall provide the "Transporter" with an official notice of said changes 48 (forty eight) hours in advance The "Consignor" reserves its right to make changes to the Delivery Schedule depending on alternative marketing options and the "Consignor" shall provide the "Transporter" with a minimum of25 (twenty five) days advance written notice of said changes The "Transporter" shall receive the WMO which the "Consignor" delivers to the Delivery Point (Delivered WMO) according to the Delivery Schedules and shall transport the weight of SOCAR oil equivalent to the WMO (EWMO) as part of SOCAR's batch of export oil to the Redelivery point which is stipulated by 01 3

4 osasmda Tochizat mcntsqosino (bu Sazisin 1 nomroli Qosmasimn v~ ya digar miivafiq qosmalann uygun alan bolrnalerine osason) ncql edorok Digor Yukdasiyiciya tohvil verir Tochizat montcqasino tochiz edilmis EiN-nin netto kutlosi hemin EIN-nin tarkib hissosi toskil etdiyi ARDN$-nin ixrac neft partiyasimn tachizat tarixi (Tochizat mentoqasins ixrac neft partiyasunn tasdiqloyon Qabul-tchvil aktrrun tarixi) ngzgm almaqla bu partiyanm timumi netto kutlosi osasmda «Noqledici» terofindsn rnuoyyan edilir Bu Sazis uzro satilan EiN partiyasmm miqdannm musyyon edilmosi VG, habelo, Catdrrilan in-in dcyorinin hesablanmasi va odonilmesi moqsodila API dsroco ilo sixhq (Amerika Neft institutunun gostcricilori uzro mucyyen olunan sixliq) va Barel-faktor (yoni bir netto metrik tonda dord onluq hissayo tamamlanrms netto AB$ barellorin miqdan) gostaricilorindan istifadc edilir. Bu moqscdla mtivafiq EiN partiyasmm miqdan Catdtrma montoqosindo Catdmlrms in partiyasmm keyfiyyot pasportunda qeyd olunrnus Selsi skalasi tlzro 20 daracode faktiki sixhgi osasmda «Komisyoncu» torafindon hesablarnr. Gostcrilon hesablamalar APi!ASTM-ip qaydalan (53A, 56, 58 codvsllori) va ya «Soyuznefteeksporteun (Nafta-Moskva) Umumilosdirilmis Ccdvallori (ASTM ) osasinda apanhr. APi tizrs srxlrg: vo Barel-faktoru muoyysn etrnok maqsadilo «Kornitent» mustaqil inspektor toyin ede bilcr. Mustoqil inspektor APi uzrc srxhg: vo Barelfaktoru yuxanda gostarilon lisulla hesablamalidir va oz hesabatmda gostormalidir. Mustcqil inspektorun hesabatmda Qabul-tohvil aktimn va muvafiq Keyfiyyot pasportunun tarixino va nomresine istinad edilmolidir. Bu hesabatda alan hesablama «Komitent» vs «Kornisyoncu» ucun son vo qotidir Ekvivalent in-nin tachizatr Mtimkiin olan qodor tez bir zamanda «Noqledici» ARDNS-in yataqlannda hasil olunmus ve ixrac uctln yararli alan ARDN~-nin ixrac neftini ekvivalent miqdarda Tschizat montaqosino (Sazisin mtivafiq qosmalannda qeyd olundugu kimi) «Kornisyoncu» uctm tochiz edir Tochizat mantsqosino tochiz olunmus EiN-nin netto kutlosi Catdrrma mcntaqcsindon Tochizat mcntaqasinodok olan marsrutda naql zamani cmsliyyat itkilori (bu Sazisin Qosma N21-n muvafiq bolrnoiarinda gostorilon haddon cox olmayaraq) Catdmlan in netto kutlosindon crxrlmasmdan soma ahnan kutlsyo borabar olmahdir EiN-nin ARDNS ixrac neftinin bir hissosi kimi va bu neftin adi altmda Tochizat mcntoqosindcn Sans msntoqosinodak gondorilmosini vc Sans montsqosindsn satrlmasiru «Komisyoncu» hoyata kecirmolidir va ya SOCAR, based on the sales terms, export plan and route (in accordance with the relevant sections of Appendix I and other corresponding appendices to this Agreement) and is delivered to the Other Shipper Based on the date (date of Delivery-Acceptance Act (DAA) at Redelivery point) on which the SOCAR's batch of export oil was supplied, the "Transporter" shall define the net weight of EWMO provided to the Redelivery point as part of the total net weight of SOCAR's batch For the purposes of payment for DeJivered WMO and determining the amount of the batch of EWMO under this Agreement, the API Gravity (the standard unit of oil density determined by the American Petroleum Institute) and the Barrel Factor (the number of net US barrels in one net metric ton, rounded off to four decimal places) shall be calculated on the basis of the actual density of oil at 20 degrees Celsius stated in the Quality Certificate for a lot ofdelivered WMO. The API Gravity and Barrel Factor for every particular lot of Delivered WMO shall be calculated by the "Commission Agent", based on the Quality Certificate for a particular lot. The calculation shall be in accordance with API/ASTM-IP procedure (Tables 53A, 56, 58) or by Soyuznefteexport (Nafta-Moskva) Unified Tables (based on ASTM ). The "Consignor" has the right to appoint an Independent Inspector in order to calculate API Gravity and the Barrel Factor. The Independent Inspector shall calculate the said data following the above mentioned procedure and present them in its report. The Inspector's report must contain a reference to the date and number of Delivery-acceptance act and of corresponding Quality Certificate. The result of this calculation shown in the Inspector's report to be final and binding upon the Parties Delivery ofequivalent WMO 3.2.L As soon as possible, the "Transporter" shall supply an equivalent amount of SOCAR oil produced at SOCAR fields, and which is suitable for export, to the Redelivery point (as noted in the Appendices to this Agreement) for the "Commission Agent" The net weight of EWMO provided to the Redelivery Point must be equal to the weight of the Delivered WMO, minus any operational losses during the transportation of the Delivered WMO from the Delivery Point to the Redelivery point (not to exceed the limit indicated in the relevant sections of Appendix I to this Agreement) The "Commission Agent" shall carry out or procure the delivery of Equivalent WMO as being a part of and under the title of SOCAR export oil from the Redelivery Point to the Sales Point and sale at the Sales 0/-- 4

5 tomin etmolidir. Azarbaycandan ixrac olunan xam neftin digor hccmlori ilc olaqcdar «Kornisyoncu» vo ya ARDN~ tiytin ham in ixracrn hoyata kecirildiyi zaman cldo edilmis ;}n sorfali sortlarls btitiln EiN-ni Tschizat montcqosindan Sans montcqcsino noql etmok msqsedilo «Komisyoncu» ARDNS-ni tomsil edorck 02 adindan (vo ya ARDNS-in adindan) mtiqavilclorin baglamlmasi iiytin damsiqlar apanr Vg muqavilolar baglayir. Bela bir ixrac mtiqavilo ila bagh biitun omoliyyat VQ maliyyo masolalarini «Komisyoncu» holl etmolidir «Kornitent» vo «Komisyoncu» razilasirlar ki, «Kornisyoncu» ARONS ixrac neftinin muntozsm saticisidir vo EIN-nin hor bir partiyasi Catdmlan IN-nin muvafiq partiyasmin «N oqledicixya tohvil verilmosi tarixindon soma Tochizat montsqssino tochiz edilrnis VQ soma «Komisyoncuxnun rnuvafiq sans muqavilosi ( <<Satl~ muqavilosi») uzro Sans mantsqasinds satilrrus ARDN$-nin ixrac neftinin daha boyuk partiyalannm torkib hissssi kimi sau lmalidir. Taroflor bunu nazora alaraq razihga goliblor ki, EiN-nin muvafiq miqdanmn sans tarixi ( <<SatI~ Tarixi») ARDN$-nin ixrac neftinin muvafiq partiyast uzro mulkiyyet huququnun Ahciya kecmosini tosdiq eden sonadlsrin (konosament, damir yol qaimosi) tarixi hesab olunur Satis tarixindon sonra miimkiln olan qcdor tez bir zamanda ve «Noqledicixnin rosmi bildirisi osasmda «Komisyoncu» EiN-nin faktiki hscmini VQ Catdinlan in liyon qiymoti vo «Komitentxo odanilmoli alan moblsgi gostoron Hesabati «Komitentxo tsqdim etmolidir. EiNnin ncqlino, yuklonmosino va satisma aid alan butun sonodlorin surotlcri (Qobul-tohvil aktlan, konosament, kcmiyyot v;:, keyfiyyot sertifikatlan, noqliyyat hesablan, gomruk bayannarnalori, «Kornisyoncuxnun ve iiciincti taroflarin hesab-fakturalan daxil olmaqla, lakin bunlarla mohdudlasmayaraq) bu Hesabata clave olunmahdrr. «Kom itent», tolcb olunduqda, Hesabatm tartib edilmosi uctm osas qismindo istifado edilmis scnodlar, 0 cumlodon, Sans qiymotinin musyysnlasdirilmosino dair soncdlcr, Sans muqavilalori, Digor Yukdasiyicilarla noql sazislori, ekspeditor muqavilolori, habelo gostarilanlcrlo mohdudlasmayaraq digor olaqedar sonadlor ilg «Komisyoncuxnun ofisindo yuxanda adi cokilon ssnodlorin tarixindon baslayaraq uc (3) il orzindo tarns ala bilor. "Noqledici" Vg "Kornisyoncu" belo auditin apanlmasi uctm miinasib Vg muvafiq is yeri tomin etmolidir Sans montcqosindcn yuklonmis V;:J ARDN~ ixrac neftinin bir hissosi kimi satilmrs EiN-nin rniqdan Tochizat mantoqosindan Sans mcntcqcsindo ahciya tohvil verilona qador noqliyyat zamam yaranmis omoliyyat itkilori Tochizat monteqesino tochiz edilmis EiN-nin netto metrik tonlarda miqdanndan cixilmaqla mueyyon edilir. Cixilacaq noqliyyat itkilsrinin miqdan Tochizat mantoqosindc «Komisyoncuoya tochiz edilmi~ Point. The "Commission Agent" representing SOCAR shall negotiate and enter into contracts in its own name (or in the name of SOCAR) for the transportation of all Equivalent WMO from Redelivery Point to the Sales Point on the best terms available to "Commission Agent" and/or to SOCAR in respect of other volumes of crude oil exported from Azerbaijan. The "Commission Agent" shall manage all operational and financial aspects of this export transaction The "Consignor" and the "Commission Agent" recognize that the "Commission Agent" is a regular seller of SOCAR's export oil, and that every particular lot of Equivalent WMO shall be sold at the Sales Point as a part of a larger lot of SOCAR's export oil which was delivered at the Redelivery Point after the delivery date for this lot of Delivered WMO to the "Transporter" under the sale contract of "Commission Agent" (Sale Contract). The Parties therefore agree that the date of the documents (bill of lading, railway receipt) confirming that title of SOCAR export oil passed from the "Commission Agent" to the Buyer is deemed as the sale date ("Sale Date") for the relevant quantity of Equivalent WMO As soon as practically possible after the date of sales and on the basis of official notification from the "Transporter" the "Commission Agent" shall provide "Consignor" with a Statement (a report with detailed calculation) identifying the actual volume of Equivalent WMO, as well as the price and amount due to "Consignor" for Delivered WMO. The copies of all documents related to the transportation, shipping and sale of Equivalent WMO (including but not limited to Delivery-acceptance acts, bills of lading, quantity and quality certificates, transportation reports, customs declarations, "Comm ission Agent's" and third-party invoices) shall be attached to the Statement. If required, the "Consignor" may review the main documents used to compile the report, including but not limited to documents on setting the sales price, sales agreements, transportation contracts with Other Shippers, forwarding contracts, and other documents at the "Commission Agent's" office within 3 (three) years from the date of the above-mentioned documents. "Transporter" and "Commission Agent" shall provide adequate and appropriate workspace in order to conduct such audits The quantity of Equivalent WMO shipped from the Sales Point and sold as a part of SOCAR export oil is determined on the basis of the quantity of Equivalent WMO in net metric tons as delivered at the Redelivery Point and lessened by the actual in-transit losses from the Redelivery point until deli very to the buyer at the Sales Point. The deductible in-transit losses shall not exceed the limit shown in the relevant sections of r s

6 EiN-nin miqdanrun hazirki Sazisin Qosma Nsl-n ve ya digor mirvafiq qosmalann uygun bolmolerinde gostorilmis hodlorindan artiq olmah deyil vc asagidaki qaydada faizlo hesablarnr: (i) Digor Yilkdasryicilar ve ARDN$ arasmda irnzalanmis Qabul-tohvil akti (QTA) osasmda Tochizat montaqosi vasitosilc tochiz olunrnus xam neftin netto metrik tonlarda miqdan muoyyon edilir. Bu miqdardan Saris montcqcsindcn verilmis tanker konosamenti ve ya domir yol qaimosi (vo ya digor miinasib scnod) osasmda yttklonen neftin netto rnetrik tonlarda miqdan crxihr. Bundan sonra almrms miqdardan Sans mentaqosine hemin QTA osasmda tochiz olunmus, lakin texniki sobablardsn noqliyyat vasitolerine (tanker vo ya domir yol sistemlorinc) yuklonmsmis Vg buna gore do Sans mantaqosinda ARDN$-ye moxsus neftin qahgi kimi saxlarulan neftin miqdan cixrhr. (ii) netto metrik tonlarda alman miqdar QTA miqdan nisbotindc faizloro cevrilir Vg dord onluq hissoyo tamamlarur. Neticede almrms rcqom Tochizat montaqcsindan gondorilmis vc Sans msntaqesinda yilklonmis EiN-nin faktiki noqliyyat itkilori kirni (faiz dorcccsi ilo) qobul edilir ( Bendindo gostorilrnis mohdudiyyst nnere almmaqla), Faktiki noqliyyat itkilorinin cixrlmasmdan soma EIN-nin miqdan Catdinlan in ticun bandindo gostorildiyi qaydada rnuoyyon edilon Barel-faktor osasmda hscmi vahidlora, yoni netto AB$ barellorina kocurulrnolidir Oll;m<l, ol~ii vasitolari, neftin keyflyyoti va standartlari Catdrnlma mantsqssindo neftin kiitlasinin olctilmcsinda osas 61yil vasitosi «Komitento» moxsus 313 saylt Neftin Miqdannm ve Keyfiyyot Gostoricilarinin Olyil Sistemi (NMOS), ehtiyat olcu vasitosi iso NKt-Ie muvafiq qaydada razilasdinlmrs ccnlor hesab edilir. NMOS-d;'l neftin kutlosinin olculrnosi RS «Omtsa-kommersiya omaliyyatlan zamani neft hesabati qovsaqlanrnn totbiqi ilo neftin kutlosinin toyin edilmosi uzro tolimat» rohbar sanads, conlords neftin kutlosinin olculmosi foct «Hedm, 11 aedrrenponyicru. Meronsr 113MepeHI1~ MaCCbl», P,IJ; «I1HCTpyKQHH no Y4eTY HeepTH H nposenenmo yyethopacsernsix onepauaii rrph npheme If nocrasxax nedrrn», P,IJ; «11HCTpyKQUH no yxery HeepTl1 B MarIfcTparrbHbIx HeepTerrpOBO,lI,H1IX ynpabjiehi151x» standartlara uygun hoyata kecirilir «Komitent» montiqeuygun muddctdo 313 sayh NMOS-in yenidon qurulmasi tilj':tin osaslandmlrrns sayler gostorir vo bununla NMOS-Ia qobul-tchvil omaliyyatlannda neftin kutlasinin olculmosini tsrnin edir Catdmlan IN-nin keyfiyyoti AZS Appendix 1 or other corresponding appendices to this Agreement of the quantity of Equivalent WMO delivered to the «Commission Agent» at the Redelivery point and shall be calculated in percent as follows: (i) the metric tonnage of the crude oil delivered via the Redelivery point is determined based on the Delivery Acceptance Act (DAA) signed between SOCAR and the Other Shippers. The net metric tonnage of oil loaded is subtracted from this amount based on tanker bills of lading or railway receipts (or other similar documents) from the Sales Point. Then from the resulting amount will be subtracted the amount of oil being stored at the Sales Point as the remaining SOCAR oil due to the fact that, although it was delivered to the Sales Point under the 'DAA in question, it was not loaded onto tanker trucks or rail cars for technical reasons. (ii) the resulting quantity in net metric tons will be converted into percent of DAA quantity, then rounded off to four decimal places, and then applied as the actual in-transit losses (in percent) of Equivalent WMO on delivery from the Redelivery point and loaded at the Sales Point (taking into consideration the limitation shown in article 3.2.6). The quantity of Equivalent WMO lessened by the actual in-transit losses shall be converted into volumetric net US barrels by Barrel Factor as determined for the relevant lot of Delivered WMO in article above Measurement, gauges, quality and standards At the Delivery point, the means of measurement of the quantity of oil is the metering facility of the "Consignor's" Petroleum Quantity and Quality Measurement System No. 313 (PQMS). Shore tanks agreed with the «Transporter» are alternative measurement means. Oil quantity shall be measured using the PQMS in accordance with guideline RS titled "Instructions for Determining Petroleum Mass Using Petroleum Record Attachments during Commercial Transactions." When measured by the tank, the oil measurement shall be performed in accordance with standards foct titled "Petroleum and Petroleum Products. Methods for Measuring Mass", P,I:( 39-0J titled "Instructions for metering petroleum and performing calculations when receiving and delivering oil", and P,I:( lo24-84 titled "Instructions for metering petroleum in main oil pipelines divisions" The "Consignor" must use reasonable efforts to reconstruct the PQMS No. 313 in a reasonable timeframe to ensure quantity measurement of crude oil for deliveryacceptance operations The quality of Delivered WMO must comply with

7 standartmm tolcblorino muvafiq rnuoyyon edilir va roct P standartma csason qrup l-o uygun olmalidtr Tohlil omcliyyatlan hor bir neft partiyasi ucun 6 gostorici, yoni sixhq, xlor duzlan, mexaniki qansiqlar, suyun kutla payl, ozluluk, parafin V~ ayda bir dcfo olmaqla daha 2 gostorici, yoni doyrnus buxar tozyiqi V~ kiikilrd gostoricilori uzra apanhr Orta neft numunosinin bir hissosi arbitraj numunosi kimi 25 (iyirmi bes) gun mllddotinda tohlili hoyata kecirmis laboratoriyada saxlamr Catdmlma mantoqcsindo noql iiciln toqdim edilmis in-nin keyfiyyoti yuxanda gostorilon bondinin tolsblcrinc uygun olrnadigi toqdirdo «Noqledici» qeyristandart keyfiyyotli in-ni qobu I etmckdon imtina edc bilar Catdinlrms in partiyalanmn keyfiyyot gostsricilerins dair Tarsflor arasmda narazihq vo ya mubahiso yaranarsa, saxlamlan nazarot nurnunosi Torcflorin istiraki ilo onlar torsfindsn secilmis beynolxalq soviyyodc tamnrrus Milstoqil Inspektor tcrofindan takrar kimyovi tohlil oiunur Kirnyovi tshlil amaliyyatlannm naticolori arasmda muoyyon edilon forqler normativ texniki senedlorin taloblorins muvafiq olaraq buraxila bilon xota hodlcri daxilindo oldugu halda osas olaraq ilkin kimyovi tohlil omcliyyatmm noticalari, buraxila bilon xota hodlorindcn artiq oldugu halda isa tokrar kirnyavi tohlil smsliyyatmm ncticolori qobul edilir Mustoqil inspektor tsrsfindan iikin kimysvi tohlil cmoliyyatmm noticalari osas olaraq tosdiqlandiyi halda muvafiq odsnislor iddiaci torofindcn, ilkin kimyovi tohlil omoliyyatmm ncticolcri tesdiqlonmediyi halda iso ilkin kimyovi tohlil omaliyyan icraci torafindan odonilir IN-nin olculmcsi zamarn xotalar yaranarsa, rezerv vasitolorin, toftis vo yoxlarnalarm ncticolcri osasmda bu olcmalsrs duzolislor edilir gar xotanm yaranma tarixi dsqiq molumdursa, onda dttzolis bu tarixdsn xotanm aradan qaldmldigr tarixadok olan dovro totbiq edilir ag~r xotarnn yaranma tarixi doqiq molum deyilso, onda duzelis son yoxlamanm kecirildiyi tarixdan xotanm aradan qaldmldigi tarixodck olan dovriin ikinci yansma tstbiq edilir Qobul-tohvil omcliyyatlannda totbiq olunan standartlara Azorbaycan Respublikasi Standartlasdirma, Metrologiya Vg Patent uzro Dovlot Kornitosi tarofindan edilmis hal' hansi clave vc deyisikliklori va ya bu standartlan slavo eden ve ya dsyisdirsn yeni buraxilrrus standartlan «Torcflor» qobul edirlor. the standard requirement of AZS and must not be higher than Group 1 of roct P Each oil batch shall be analyzed for 6 specifications, i.e. density, chlorine salts, sediments, water content, viscosity and paraffin. Also, once a month analysis will be performed for an additional 2 specifications, i.e. vapor pressure and sulfur indicators The laboratory performing the analysis shall retain a portion of the average sample as a control (or arbitration) sample for 25 (twenty five) days If the quality of WMO delivered for transportation at the Delivered point fails to meet the requirements indicated in article 3.3.3, the «Transporter» may refuse to accept substandard WMO In the event of a dispute or disagreement among the Parties arising out of or related to the quality of Delivered WMO, an internationally recognized Independent Surveyor mutually agreed upon by the Parties shall reperform chemical analysis on the control sample in the presence ofthe Parties If the particular differences between the two chemical analyses are within the allowable limits specified in the standard technical documents, then the results of the initial chemical analysis will be accepted. However, if they are outside the allowable limits, the results of the new chemical analysis will be accepted If the Independent Surveyor confirms the results of the initial chemical analysis as base, the Party lodging the complaint shall pay the relevant costs. However, if it fails to confirm the results of the initial chemical analysis, the Party that performed the initial chemical analysis shall pay the said costs Should any errors occur when the WMO is measured, the measurements shall be corrected using the results of alternative means, inspections and checksups If the exact date on which the error occurred is known, the correction shall apply from the said date until the date on which the error was rectified If the exact date on which the error occurred is not known, the correction shall apply to the second part of the period from the date on which the most recent check was performed until the date on which the error was rectified The Parties shall adopt any additions or changes made by the State Committee on Standardization, Metrology and Patents of the Republic of Azerbaijan to the standards that apply to the delivery and acceptance operations, as well as any newly issued standards that may be an addition or a correction to them. +- 7

8 «Torcflcr» ovvalcadon razrlasdmlrms qaydalara riayot etrnok sorti ilo Catdinlma mantaqssi uzrc olema avadanhqlarmda apanlan biltiin qurasdrrrna, tomir, smaq Vg yoxlama omoliyyatlanm musahido etmok, olcmo avadanhqlanm birlikds toftis etmok, yoxlamaq, hesabatlan tohlil etrnok, belc avadanhqlan mustsrok mohurlomok va mohurlcri acmaq huququna malikdirlor Neft itkisi «Noqledici» har bir hesabat dovrii uzro muoyyan olunrnus neft itkilsrinin bolgusunu proporsional bolgu qaydasi osasmda apanr, 3.4,2. Hal' bir hesabat dovru uzro «Noqledicicnin boru kamorlori sistemindo faktiki neft itkilori xam neftin ixrac marsrutundan asl11 olaraq bu Sazisin mtivafiq qosmalannda gostorilmis noqliyyat itkilsrindon yox ola bilmoz, Hsr hanst bir hesabat dovru uzro faktiki neft itkilori normativ hoddi ustcloycrsa vo bu hoddin ustolsnmasi «Noqlediciadon asi11 olan V;} ya «Noqledicixnin bilorokdon qeyri-duzgun hcrokctlori scbobindcn bas verorso, bu halda «Komitentxo doymis zorcr «Noqledici» torofindon neftlo kompensasiya edilir Sans mcntoqosinodck digsr Yukdasiyicilann noql marsrutu tlzro noql itkilori her bir hesabat dovrii uzro ARDN$ va hemin Yukdasiyrcilann arasmda baglanmis muvafiq Noql Xidmatlsrino dair Saziso uygun olaraq muoyyanlosdirilir. Bela itkilorin son hodlcri xam neftin ixrac marsrutundan asrlr olaraq bu Sazisin muvafiq qosmalannda gostorilmis noqliyyat itkilorindcn yox ola bilmsz Boru komarlarinin va tutumlarm neftlo doldurulmasr Zorurot yaranarsa, «Komitent» Catdinlma montcqcsindc noql tictin tochiz etdiyi in hesabma noql omaliyyatlarnun apanlmasi uctm zaruri olan miqdarda «Ncqledicixnin boru komorlorini (xstti va texnoloji boru komsrlcrini), tutumlanm (tutumlarda minimal va texnoloji qahq hcdlorinc uygun hocrnlori) neftlo doldurur «Nsqledici» her bir hesabat dovru lizra ozunun boru komorlori sistemindo «Komitenteo moxsus neftin kcmiyyoti baroda «Komitentsa va «Komisyoncuxya rosmi bildiris toqdim edir maliyyatlarm rosmllasdirllmasl «Noqledici» va «Komitent» qabul-tohvil omaliyyatlanmn icrasma, muvafiq scnodlsrin tcrtibino ve imzalanmasma rnosul soxslor toyin edirlor Vg bu soxslarin salahiyyoti etibamamolorlc tosdiqionir Sazisin bondindo gostorilmis moqsod ucun neftin Qobul-tohvil akti «Komisyoncuxnun nurnayondosi Provided they adhere to procedures agreed to in advance, the Parties shall have the right to observe any installation, repair, maintenance and troubleshooting work performed on the metering devices at the Delivery point, jointly inspect or check said metering devices and analyze the reports from them, as well as jointly seal and unseal said devices Losses 3A.I. The "Transporter" shall distribute on a pro rata basis in any oil losses for each reporting period The actual oil losses in the «Transporterx's pipeline system for each reporting period may not exceed the in transit losses indicated in relevant appendices to this Agreement depending on export route of crude oil Should the actual oil losses exceed the cap for any given reporting period due to the reasons contingent on the "Transporter" or any deliberate misconduct by "Transporter", the "Transporter" shall compensate with oil any damages incurred to the "Consignor" Losses incurred by Other Shippers en route to the Sales Point shall be determined in accordance with the relevant Transportation Services Agreement concluded between SOCAR and the said Shippers for each reporting period. Such losses may not exceed the in transit losses reflected in relevant appendices to this Agreement depending on the export route of crude oil Linefill 3.5. I. In case of necessity the «Consignor» shall fill the "Transporter's" pipelines (lines and technological pipelines) and tanks (volumes according to the minimum and technical stock limits in the tanks) with oil at the expense of WMO that has been delivered to the Delivery Point for the purposes of transportation operations The "Transporter" shall officially notify the "Consignor" and the "Commission Agent" of the amount of the "Consignor's" oil in the "Transporter's" pipeline system for each reporting period Registration of operations The "Transporter" and the "Consignor" shall appoint persons who are responsible for carrying out the delivery and acceptance operations, compiling and signing the relevant documents. The authorization of the said persons shall be certified by a power of attorney For the purposes shown in the paragraph of this Agreement, a representative of the "Commission

9 tarafindon imzalanir. Qebul-tohvil aktinm imzalanmasma mosul ssxslor haqqinda «Korn isyoncu» Taraflaro molumat verir Tsrsflor etibamamolcrin ssli v~ ya notariat terafindon tosdiqlonmis surotini hesabat ilinin ilk ayinm I dekadasi arzindo rosmi olaraq bir-birino toqdim edirlor Catdmlma mcntcqosi uzro kimyovi tohlil cmaliyyatlannm neticesi 3 sayli Qosrnada gostsrilmis Keyfiyyot pasportu ila rosmilosdirilir Keyfiyyot pasportu tohlil cmaliyyatlannm net icosi osasmda vc her bir tohlil cmoliyyan basa catdiqdan soma icraci torofindon tortib edilir ve mutlsq olaraq Qabultohvil aktma clava edilir Catdinlma mantaqosi uzrs hsr bir in partiyasma dair qobul-tohvil omaliyyatlanrun noticcsi 4 vo ya 5 sayh Qosmalarda gostorilmis aktla rasmilosdirilir Catdinlrna mcntoqcsi uzro her bir hesabat ayma clair qcbul-tohvil omoliyyatlanmn yekun noticcsi 6 Vg 7 sayh Qosmalarda gostorilmis Uzlosmo aktlan ilo rosmilosdirilir Tochizat montoqosino tochiz olunrnus EIN-in netto kutlosi (her bir partiya ucun) baroda «Noqledici» tcrcfindon (Uzlosrno aktmm tarixindon sonra 5 is gtinli muddotindon gee olmayaraq) digsr Tcroflcro bildiris toqdim edilir «Komisyoncu» ErN-in faktik hocmini, qiymotini vo «Komitentxo odonilrnoli olan moblogi gostoron Hesabati «Komitentxo toqd im edir. 4. ODoNis QAYDALARI Noql haqqmm odanilmasi Catdinlan in-nin Catdmlrna rnontsqcsinden Tochizat mantoqcsinodck gostorilon naql xidrnotino goro «Komitent» tarofindon, hazirki Saziss alavs edilmis muvafiq qosmalarda : muoyyen edilmis noqliyyat xorclarini asmamaq sortilo, «Naqledicinyo noql haqqi odonilir «Komitent» torafindan noql haqqmm odcnilmssi «Noqledici» tarofindcn taqdim edilon hesab faktura osasmda vo hesab fakturanm toqdim edildiyi gundan sonraki 5 (bes) bank gunu orzinda bank kocurmosi vasitosilc hoyata kecirilir ixrac neftinin dayarinin ddanilmosi Sans tarixindo Saus msntaqssindo yuklonmis EINnin qiymoti netto AB~ bareli Iictin AB~ dollarlannda mueyyon olunur vo Sans haqqmda Muqavilo sertlerino mtivafiq olaraq ARDN$ ixrac neftinin Sans Tarixindo Agent" shall sign the oil Delivery-acceptance act. The "Commission Agent" shall notify the Patties of the persons responsible for signing the Delivery-acceptance act The Parties shall officially provide each other with originals or notarized copies of the powers of attorney within the first ten-day period of the first month of the reporting year The results of chemical analyses at the Delivery Point shall be documented using the Quality Certificate given inthe Appendix The executor performing the analyses shall fill in the quality certificate based on the results of each analysis after the analysis is completed. The Quality Certificate is required to be attached to the Deliveryacceptance act The results of the delivery-acceptance operations for the WMO parcels at the Delivery Point shall be documented in the relevant acts shown in Appendix 4 or Results of the delivery-acceptance operations at the Delivery Point for each reporting month shall be documented by filling out the Collation Acts shown in Appendices 6 and The "Transporter" shall notify the other Parties of the net weight of EWMO (for each parcel) delivered to the Redelivery point (no later than 5 business days from the date ofthe Collation Act) The "Commission Agent" shall provide the "Consignor" with a Report showing the actual volume and price of EWMO and the amount payable to the "Consignor". 4. METHOD OF PAYMENT Payment of transportation fee The "Consignor" shall pay to the «Transporter» a transportation fee for the services provided in transporting the Delivered WMO from the Delivery point to the Redelivery point, not to exceeding the transportation expenses set forth in relevant appendices to this Agreement The "Consignor" shall make payment of the transportation fee against the invoice submitted by the "Transporter" via bank transfer within 5 (five) banking days after the submission ofthe said invoice Payment for WMO The price of the volume of Equivalent WMO shipped at the Sales Point is determined in US dollars per net US barrel and is equal to the Sales Point price (Sales price) calculated by the «Commission Agent» for the major tanker cargo of SOCAR export oil shipped at

10 Satis mantoqssindo yuklonrnis butov partiyasi uctm «Kornisyoncu» tcrofindon hesablanrrus Sans montoqosi qiymotina (Sans Qiymoti) borabordir. Ekvivalent neftin Sans Moblogi hemin Satis mantoqasinda yuklonmis EtNnin ABS barellorinda hocmini nazare alaraq Sans Qiymoti osasmda muoyyen edilir Sans tarixindon soma 30 (otuz) toqvim glinii ustogol 10 (on) bank gunundon gee olmayaraq Sans Moblcgindon «Komisyoncu» va ucuncu tcroflorin gostsrilsn xidmotlcra gora kornissiyalarmm vo rmltonasib qaydada (neftin miqdanna hesablanrms nisbetdo) hesablanrrus xidmot haqqi mobleglarinin vo «Komisyoncu» tcrofindon bu Sazis uzro cokilmis va xam neftin ixrac marsrutu uzrs xususi sortloro dair Sazisin miivafiq qosmalannda gostarilmis, «Komitent» tsrsfindan «Komisyoncusya odonilmoli alan biitiin xorclorin cixrlmasmdan sonra alman netto moblegin (Catdmlan IN-nin Netto Moblogi) «Kornitentnc odcnilmosi uzra hesablasrnalar apanhr, BIN-nin hansisa ssbsbdan Tochizat tarixindon soma 45 gun crzindo Satrs montcqasindan yuklenilmediyi/satilmadigt toqdirdc «Komitent» gostorilon neftin qaytanlmasi, ARDNS-nin razihgr tsqdirdo, Kompensasiya Xam Nefti uzro ohdoliyinin yerins yetirilrnosi kimi hesaba almmasi barada muracist edo hiler va Toraflsr bundan iroli golon mcsalelori qarsiliqh razilasma yolu ilo holl edir. the Sales Point on the Sale Date in accordance with the terms and conditions of the Sales Contract. The Sales Amount for equivalent oil shall be determined based on the Sales Price, con sidering the volume of U.S. barrels ofewmo loaded at the said Sales Point No later than thirty (30) calendar day s plus ten (10) banking day s after the Sale Date the "Commission Agent" shall settle to the "Consigno r" the net amount (Net Amount of Delivered WMO) of the Sale Amount lessened on a pro rata basis (proportioned to the quantity of oil) by all commissions for the services of the "Commission Agent" and third parties, and all operational costs borne by the "Commission Agent" in relation to this transaction and payable to the "Commission Agent" by the "Consignor" as specified in relevant appendices of this Agreement on special conditions for crude oil export route If, for any reason, the EWMO has not been loaded/sold within 45 days after the date of Redelivery, "Consignor" may request that the said oil be returned or, with SOCAR's consent, that a portion not returned be considered as satisfying the oil obligation for the Compensatory Crude Oil under the ERDPSA. The Parties shall resolve any issues resulting from this by the mutual agreement. 5. TaRaFLaRiN MasuLiYYaTi va FORS MAJOR HALLARI Catdmlrna montoqosins tachiz edilmis tn-nin monsoyinin va keyfiyyotinin hazrrki Sazisin 3.3-cii maddosinin sortlarins uygun olmasma goro «Komitent» mosuliyyct dasiyir Catdmlma mcntoqasina 3.3-cii maddcdo muoyyon edilmis keyfiyyot standartma cavab vermoyon in-nin tochiz edilmosi ss bs bindon «Naqledicinyo vc «Noqledici»nin boru kcmorlcri sisterninda digor yukgondarsnlsro moxsus xam nefto doyo bilacok zoror va itkiyo gore «Komitent» mosuliyyot dasiyir Catdmlma msntoqcsindc «Noqledicixnin boru komori sistemino buraxilan in-nin rnohv olmasi va ona dsyo bilocck ziyan vo itkiyo gore mosuliyyct qeyd olunan neftin Tochizat mantaqasino catdmlanadok «Noqledicianin uzsrinds saxlamhr Hazirki Sazis sortlarina uygun olaraq Catdmlma montoqosindo qobul edilmis ve «Noqledicis nin boru komorlori sistemino buraxilmis neftc Fors-rnajor soraitlordcn yaranmis doyo bilocok zoror vo itkiyo goro «Noqledici» mcsuliyyot dasirmr, 5.5. Fors-major soraiti hazirki Sazisin quvvsys minrno tarixindcn soma bas veron Vg Torcflardon hansisa birino 5. LIABILITY OF THE PARTIES AND FORCE MAJEURE. 5.1 The "Consignor" is liable for ensuring that WMO delivered to the Delivery Point meets the conditions for origin and quality as set forth in Article 3.3 of this Agreement. 5.2 The "Consignor" shall be liable for any damage or loss inflicted on either the "Transporter" or crude oil belonging to other shippers using the «Transporters» pipeline system, which may result from WMO not meeting the quality standards at the Delivery Point set forth in Article 3.3, del ivered by the "Consignor. 5.3 The "Transporter" shall bear liability for destruction, damage or loss of WMO released into its pipeline system from the Delivery Point to the Redelivery Point. 5.4 The "Transporter" shall bear no liability for any damage or loss due to force-majeure to oil received at the Delivery point under this Agreement and released into the "Transporter's" pipeline system. 5.5 Should any Force Majeure event occur, which include unavoidable events that occur after this Agreement enters..j 10

11 bu Sazis uzro gottirduyu ohdcliklorin tam ve ya qisman yerino yetirilmesino mane olan (Sazisin sortlerine osasan hor hansi mabloglorin odanilmosi Iizra yaranan ohdaliklor istisna olmaqla) rofedilmaz hadisolcrin mcsclon, yangmlarm, buzlamalann, tatillorin, tobii falakotlorin, muharibolarin, harbi omaliyyatlann, blokadalann, hokumot qararlanrun, ixrac yaxud idxal qadagalann, 0 cumlodon, ARDN~ neftinin vaxtmda digor Ytlkdasiytctlann Sans montoqosino noql edo bilmomosi vo ya noql etmokdan imtina etmosi hallan daxil olmaqla, vo ya har hansi Torafin nazaroti altinda olmayan digsr saraitlsrin omalo golmosi toqdirdo ohdoliklcrin yerino yetirilrne milddoti yuxanda qeyd olunan hadisolarin davam etmosi miiddati qedor (lakin 30 gundon artiq olmamaq sorti ilo) uzadihr. Yuxanda qeyd olunan hadisclor 60 gundon artiq davam edorsc Sazisdo istirak edon Toraflarin hor biri Sazis uzro goturulmus ohdoliklarin yerino yetirilmosini dayandirmaq huququnu qaza11lr. Belo halda hey bir Tarof digor Tsrsfdan mumkun ola bilon itkilorin odonilmcsini tclob etmok huququna malik olmur, bu sortlo ki, belc hallar Torcflcrin toqsirli horokatlorinin noticosi olmayaraq meydana cixmis olsun. Bu Sazis uzro ohdaliklorinin yerino yetirilrnosi qeyri-mumkun olmus Tarof digor Tcrcflori bu ohdoliklorin yerino yetirilmosinc mane alan hadisolcrin baslanrnasi va bitmosi haqqinda dorhal xcbordar etmolidir. Qeyd olunan hadisalorin orazisinds omalo golmis olkonin Sonaye Ticarot Palatasmm (vo ya sclahiyyoti olan digor dovlot qurumunun) toqdim etdiyi $ghadgtnamglar hamin hadisolorin movcud olmasmm va davam etmosinin tam subutu hesab edilir. Fors-major hallan ils bagh Saziso xitam verilmosi, fors-major vaziyyetinsdak Taroflor arasmda yarannus ohdoliklorin xitamma sobob olmur. 6. BiLDiRi~LaR va nevtsrxr.no.en Hazirki Sazis sartlorina muvafiq olaraq gondorilan blitiin bildirislor yazih olmah va poet, tocili poet xidrnoti, faks va ya kuryerlo gondsrilmalidir, 6.2. Bildirislor almdrgi tarixdon quvvoyo minrnis hesab olunur Bildirislor Taraflorin gostorilmis linvanlanna gondsrilir. «Komitent»: Mustafa Corbaci - Prezident «Bahar Energy Operating Company Limited» sirkotinin Azorbaycandakr Numayendoliyi Baki s., H. Oliyev kuc. 24, Tel.+994 (12) Faks +994 (12) El. poctu: [email protected] into force, which prevent any of the Parties from fulfilling fully or partially obligations they have assumed under this Agreement (with the exception of the obligation to pay any monetary amount under this Agreement), e.g. fire, freezing, labour strikes, natural disasters, wars, military actions, blockades, government rulings, prohibitions on export or import, including other Shipper's inability or refusal to transport SOCAR oil to the Redelivery point in a timely manner, as well as any other circumstances beyond any Party's control occur the deadline for discharging obligations shall be extended for the duration of the abovementioned events (but no longer than 30 days). If the aforementioned events continue beyond 60 day s, any Party to this Agreement shall have the right to cease fulfilling obligations they have assumed hereunder. In this case, no Party shall have the right to demand that another Party pays compensation for any loss which may occur, provided that the events did not take place due to such Party's fault or misconduct. The Party who is unable to satisfy its obligations under this Agreement shall immediately notify the other Parties about the beginning and the end of incidents preventing fulfillment of the obligations. Certificates issued by the Chamber of Indu stry and Trade (or other competent state agency) of the country where the abovementioned incidents took place, shall serve as a complete proof of the occurrence and duration of said incidents. Termination of the Agreement due to Force Majeure shall not serve as a reason to cease fulfilling obligations ofthe Parties, arisen before Force Majeure. 6. NOTICES AND AMENDMENTS 6.1 All notices sent in accordance with the terms of this Agreement shall be in writing, and sent via mail, express mail service, fax or courier. 6.2 Notices shall be deemed to enter into effect on the day of receipt. 6.3 Notices are to be sent to the addresses of the Parties as shown below: "Consignor" : Mr. Mu stafa Corbaci - President Azerbaijani Representation of"bahar Energy Operating Company Limited" 24, H. Aliyev str., Baku, Telephone: 994 (12) Fax: 994 (12) [email protected] «Noqledici»: Zohrab Quliyev - Rois "Transporter" : Zohrab Guliyev - Chief ofdivision ~ 1 1

12 ARDN$ «Neft Komorlari» ldarosi Bakl sahori, Xocah pr.28 Tel: +994(12) Faks: +994 (12) Elektron poctu: «Komisyoncu»: 8dnan Ohmodzada - Rois ARDN$ «Marketinq va Iqtisadi Ornaliyyatlar» Idarosi Baki sohari, Sabit Orucov kiiy.28 Tel: +994 (12) Faks: +994 (12) Elektron poctu: [email protected] 6.4. Teroflorden her hans! biri oz unvantru va olaq» detallanm digor toraflora yazih bildiris gondormaklo deyiso bilor Bu Saziso edilon her hanst duzolis butun Tsrsflorin qabaqcadan yazih razihg: osasmda olmalidrr. Hor hansi Torsfin bu Sazis uzro huquqlanndan vo ya huquqlaruu mudafio vasitolorindcn imtina etmosi yazih sokildo tosdiq edilmsdikco etibarh sayilmtr. SOCAR Oil Pipelines Division 28, Xocali ave., Baku Tel: +994 (12) Fax: +994 (12) ]0 "Commiss ion Agent": Adnan Ahmadzada - General Manager SOCAR Marketing and Operations 28, Sabit Orucov str., Baku Tel: +994 (12) Fax: +994 (12) [email protected] 6.4 Any Party may change their address or contact information by notifying the other Parties in writing. 6.5 Any amendment to this Agreement shall require the prior written consent of all Parties. No waiver by a Party of its rights 'or remedies under this Agreement shall be binding unless confirmed in writing. 7. MUBAHisaLaRiN HaLLi va TaTBiQ OLUNAN QANUN Hazrrki Sazisin movcudlugu, etibarligi, lcgvi va ya iddia olunan pozuntusu mssalalori do daxil olmaqla, hemin muqavilcdon iroli galen vo ya ona aid olan her hans! mtibahiso, anlasilmazhq va ya iddia yaranarsa, Toroflor hemin rnubahisonin, anlasilmazhgm va ya iddianm damsrq yolu iia holli li9un ollsrindon golon soylori gostarmoyo razrlasirlar. Lakin bu mumkun olmadrgi taqdirdo, Toroflcr bir moriah razrlasirlar ki, hsr hans! bela mubahiso, anlasilmazhq ve ya iddia London Beynolxalq Arbitraj Mahksmosinin (LBAM) qaydalanna uygun olaraq kecirilon arbitraja toqdim olunmahdir va hemin qaydalara osason toyin olunmus bir arbitr torofindon son V<l qoti sckildo hall olunrnahdir. Bu sokildo toyin olunan yegano arbitr hey bir halda Tcroflcr (homcinin onlann bas ana sirkotls ri) qeydiyyata alman olkolcrin votendasi olmamahdir, 7.2. Mttbahisslsrin holli uzro bu muddoalarm mcqsodi baximmdan "Ncqledici" va "Komisyoncu", har ikisi ARDN$-nin strukturuna daxil olmaqla, tek Tarof kimi qobul edir. Toraflcr yuxanda gostorilan arbitr sayr baros indc yekdil razrliga galmsdikdo, her hans! bela mubahiso, anlasilmazhq va ya iddia asagida gostcrilon qaydaya uygun olaraq toyin olunan 3 (uc) arbitr torofindon qoti tonzimlonir. Arbitraj barosinda talobnamsni LBAM-a toqdim eden Tarof (bundan soma "Birinci torof"), hemin tclobnamodo gostcrilon ozunun arbitrini toyin edir. Mubahissnin digsr Toraf (bundan som a "Ikinci tarof") arbitraj barssindo tolcbnamoni aldigt 7. DISPUTE RESOLUTION AND APPLICABLE LAW If any dispute, controversy or claim arises out of or relating to this agreement, including any question regarding its existence, validity, termination or the alleged breach thereof, the Parties agree to use their best endeavors to resolve such dispute, controversy or claim by friendly neg otiations. If it proves to be impossible, the Parties expressly agree that any such dispute, controversy or claim shall be referred to the arbitration under the London Court of International Arbitration (LClA) Rules and finally resolved by a sole arbitrator appointed in accordance to the said Rul es. A sole arbitrator, to be appointed in accordance with the abovementioned procedure, shall not be a citizen of a country in which any Party (including the ultimate parent of such Party) is incorporated For the purposes of this dispute resolution provision, "Transporter" and "Commission Agent" shall be considered as a single Party, both being parts of SOCAR's structure. In case Parties do not agree on the above-mentioned number of arbitrators, any such dispute, controversy or claim shall be finally resolved by 3 (three) arbitrators in accordance with the procedure hereinafter. The Party, submitting a request for arbitration to the LClA ("First Party"), appoints its arbitrator who shall be identified in said request. Within thirty (30) days of receipt of a copy of the request the other Party to the dispute ("Second Party") shall.j- 12

13 moqammdan 30 (otuz) gun orzindo tolobnamcya cavab vermolidir vo oziinun arbitrini muoyyon etmolidir. Ogsr "Ikinci torof" oznnun arbitrini toyin etmoso, ikinci arbitr LBAM tercfindan onun qaydalarma uygun olaraq tayin olunur. Bu qaydada toyin olunan iki arbitr 30 (otuz) gun arzinds ucunctl arbitri toyin etmolidirlcr v<} buna nail olrnadiqda u9uncu arbitr LBAM tsrofindcn onun qaydalanna uygun olaraq toyin olunur. Toyin olunan ticilncii arbitr hey bir halda Tcraflor (hcrncinin onlann bas ana sirkotlsri) qeydiyyata alman olkalorin vatandast olmamalidir Arbitraj yeri vo ya huquqi yeri Boyuk Britaniya vo Simali Irlandiya Birlosmis Kralligimn London sohoridir. Arbitraj prosesindo istifado olunacaq dil ingilis dilidir. Arbitraj qoran ils basqa qayda mu8yy8n edilmozsc, arbitraj icraati tictm cokilon xarclori uduzan Tarof qalib golen Terefo odoyir Saziso totbiq olunan huquq Azorbaycanrn maddi hiiququdur. 8. SAziSiN MUnn3Ti Hazirkt Sazi~.2LJ f.-e.f/1fl1f!6r 201O-cu il tarixdo imzalannnsdir, imzalandigi tjfixd~m quvvoys minir vo ona xitam verilmosino kimi etibarh hesab olunur. Hazirki Sazisin sortlsri KBiHPBS-nin qirvvayo mindiyi gundon etibaron Tsroflor arasmda olan munasibctlora de totbiq edilir. 9. SAziS3 XiTAM VERiLM3Si Hazirki Saziso Taroflorin qarsihqit razihgr osasinda istonilan an xitam verilo bilor Tsroflerden biri Sazisdo nozarda tutulmus ohdcliklarini icra etmodikdo, va ya lazirnmca icra etmadikdo, 0 cttmlsdcn icrarn gecikdirdikdo, digor Toroflor Saziso xitam vera bilor. Buna clava olaraq, hor hans: Tarof hor hansr bir sebebdon Saziso xitam vero bilor, Hor bir halda Saziss xitam vercn Terof qarsi Taraflsro 14 (on dord).taqvim gunu qabaqcadan yazih bildiris gondcrmolidir Saziso xitam verilmosi xitamdan qabaq v~ ya xitam tarixindo toplanrms bu Sazisdoki her hansi hiiquq vo ohdoliklara x~i~1 gotirmir. Ololxusus, ixrac Neftinin Sattsi uzro Sazisin xitammm bas vermasino baxmayaraq, xitamdan qabaq Catdinlma Montoqesinda v~ ya Tochizat Montcqcsindc Noqledicinin vg/vg ya Komisyoncunun soroncamma verilmis har hanst EIN-ng vo bu xitamdan qabaq meydana cixrms hazrrki Sazis uzro her hansi Tcrcfa 6d811i~ ohdaliyi ils claqodar, bu ixrac Neftinin Satisr uzra Sazisin maddolori xitamm bas vermesins baxmayaraq quvvosini saxlayir. Sazisin 7-ci maddosi bu Saziso xitam verildikdon soma da quvvododir. respond, identifying the arbitrator that it has selected. If the Second Party does not so appoint its arbitrator, the LClA shall appoint a second arbitrator in accordance with its Rules. The two arbitrators shall, within thirty (30) days, select a third arbitrator failing which the third arbitrator shall be appointed by the LCIA, in accordance with its Rules. The third arbitrator to be appointed shall not be a citizen of a country in which any Party (including the ultimate parent of such Party) is incorporated The seat, or legal place, of arbitration shall be London, UK. The language to be used in the arbitral proceedings shall be English. Unless otherwise provided by the arbitration award, costs related to the arbitral procedures are paid by the losing Party to the prevailing Party The governing law of the Agreement is the substantive law of Azerbaijan. 8. VALIDITY TERM OF THE AGREEMENT. 8.1 The present Agreement is signed on t,.otjka..kvzytl 2010, comes into force on the date of its~~ remains in force until its termination. Provisions of the present Agreement are also applicable to contractual relations arisen between the Patties as of the effective date of the ERDPSA. 9. TERMINATION OF THE AGREEMENT. 9.1 The present Agreement may be terminated anytime upon mutual consent ofthe Parties. 9.2 Ifone Party does not fulfill or insufficiently fulfils contractual obligations, as well as delays fulfillment of the Agreement, the other Parties may terminate the Agreement. Additionally, any Party may terminate this Agreement for any purpose. In all cases it shall give the opposing Parties 14 (fourteen) days advance notice in writing. 9.3 Termination of the Agreement shall not extinguish any rights or obligations accrued under this Agreement prior to its termination or on the date of its termination. More specifically, the Agreement shall remain in force with regard to any EWMO that has been placed under the "Transporter's" and lor "Commission Agent's" control at the Delivery or Redelivery point, as well as with regard to obligation to make payment to any Party ofthis Agreement accrued prior to the termination, regardless ofthe termination of the Agreement. Article 7 of the Agreement shall remain in force after the termination of this Agreement. 13

14 10. KONFIDENSiALLIQ Aciqlanma vermayo razihq Toraflordcn hey biri haztrki Sazisin muddoalanm vo sortlarini vo ya hazirki Sazislo olaqodar olda olunrnus hor hansi malumati ("Konfidensial Mslumat") digor Toreflsrin qabaqcadan yazih razihgr olmadan hsr hansi ticuncu torofo aciqlaya bilmoz Acrqlanma vermakdo istisnalar a) 10.1 madda ilo nozcrda tutulmus razihq almaq toloblari Konfidensial Molumatm asagrdaki soxsloro ve asagrdaki hallarda acrqlanmasma totbiq olunmur: I. Her hansi Tcrofin hsr hans! direktoruna, solahiyyatli soxsinc, iscisino, sahibino, sohmdanna vs Ortaq sirkotino; n. Her hansi Tarof torcfindon pesokar qismindo colb olunan soxslara; Ill. Tcrofin vo ya onun Ortaq sirkstlorinin uzorindc yurisdiksiyasi olan hckumot, qanunverici, icra va mohkcme orqanlarmm rssmilerine va ya aidiyyoti olan fond birjalann numayendalorino hemin Tsrofdon Konfidensial Molumatm aciqlanmasi rosmi numayondolor torofindcn xahis V8 ya tolob olunduqda; IV. Tsraflorin omaliyyatlann maliyyalcsdirilmosi ilo bagli her hanst kredit veron va ya digor rnaliyyo tcskilatlara; v, Taroflerin potensiai, vicdanli htiquqi varislorina va ya investorlanna va; vi. Totbiq olunan hsr hansi qanuna uygun olaraq. b) 10.2 (a) maddosi ilo nozordo tutulrnus istisnalar asagidakilar ils sortlcndirilir: i. Aciqlanma verilon her bir soxsin Konfidensial Moluman bilmcsino aglabatan ehtiyac oldugu osaslandinhr; ii (a) (i) rnadde totbiq oiunduqda, malumati aciqlayan Tarof hor bir rnumkun imkandan istifado etmoklo tarnin edir ki, molumat her bela bir ~gxs;} aciqlandiqda, hemin ~gxs hazrrki 10-eu maddonin talsblori ilo bagh olan ~gxs kimi hemin moluman Konfidensial saxlayacaq Ictimaiyyot qarsismda aerqlanmalar a) Totbiq oilman qanunla vo ya har hansi qanun Vg ya tonzimloyici orqan vc ya fond birjast orqam torafindcn talob olunan, va ya yayimdan qabaq digar Toroflere toqdim olundugu V8 onlar terofinden razihq verildiyi 10.1 Consent to Disclose 10. CONFIDENTIALITY. No Party shall have the right to disclose the terms and conditions of this Agreement or any information ("Confidential Information") received hereunder to any third party, without the prior written consent ofthe other Parties Exempted disclosures a) The consent requirements under Article I 0.1 shall not apply to the disclosure of Confidential Information: I. to any director, officer and employee, owner, shareholder or Affiliate ofany Party; JI. to persons professionally engaged by any Party; Ill. to any applicable Government, legislative, administrative or judicial authority or any relevant stock exchange authority having jurisdiction over a Party or any Affiliate, to the extent that such Party is required or requested by such authority to disclose the Confidential Information; IV. to any lending or other financial institution in connection with the financing of a Party's operations; v, to bona fide potential assignees of or investors in a Party; and VI. under any applicable Law. b) The exemption provisions of Article 10.2(a) shall be conditional on : 1. any disclosure of Confidential Information by a Party being justified on a reasonable need-toknow basis on the part of eaeh person to whom disclosure is made; II. in the case of Article I 0.2(a)(i), the disclosing Party using reasonable endeavors to ensure that each person to whom such disclosure was made maintains the Information confidential as if that person were bound by the provisions of this Article Public Announcements a) No Party shall issue or make any public announcement or statement regarding this Agreement, except as required by applicable law or any legal or regulatory authority or stock exchange authority, without such ~ 1 4

15 hallardan basqa, Toreflsrdcn hey biri hazirki Sazislo olaqodar ictimaiyyots her hansi elan vo ya boyanat vera bilmoz; b) ) Hor bir Tarof hazirki Sazisin 10-cu maddosinin hor hansi digor muddoalanna baxmayaraq, qiyrnotli kagizlar uzro analitiklonn goruslorindo, illik hesabatlarda, iscilorin vo sohrndarlann qozetlorindo, jurnaliannda VG sair nosrlsrdo cnonovi vo ya bir qayda olaraq oks vo ya maruza olunan, hazrrki Saziso aid olan umumi mslumat xarakteri dasiyan va acrqlanmasi kommersiya baxrmmdan tahlilkali olmayan icmallan aciqlaya bilor. announcement or statement having been submitted to and approved by the other Parties in advance of dissemination; b) Notwithstanding any other provisions of this Article 10 each Party may make disclosures of summaries of a general nature relating to this Agreement which are customarily or routinely described or reported in securities analysts' meetings, annual reports, employee and stockholder newsletters, magazines and the like, and which disclosures are not commercially-sensitive. 11. HUQUQ OTURuLMasi "Komitentin" KBiHPBS osasmda "Bahar Energy Limited'» mgxsus olan payl munasibotinda bu Sazis uzrc huquqlanrn KBiHPBS ila alaqodar "Bahar Energy Limited"in foaliyystini maliyyolssdiron V<=l ya tokrar maliyyclcsdiron maliyyo toskilatmm xeyrino guzost etmok hiiququ vardir, Taroflor belo maliyyo toskilati tarafindon tolcb olunan bela hiiquqlann gnzcsto gedilmosini basa catdirmaq ucun huquqlann (0 ctlmlodan vo mohdudiyyot qoyulmadan, sahiblik hiiququnun oturulmosi) oturulmosini tosdiq edscok zoruri vc ya arzu olunan hor hans! ssnodi imzalamaq ohdoliyini uzorlorino gotururlor. Bundan qabaqki iki cumloyo uygun olaraq va onlara xalal gstirmcdon, Tsreflardon hey biri digor Torcflcrin qabaqcadan yazili razrhgi olmadan (bela razihq asassiz olaraq verilmoye bilmoz) bu Sazis iizra huquq ve vozifolorini her hansr iicunctl torofa gtlzasto gedo bilmsz, 11.2 Bu maddo l l-do verilmis hey bir muddoa "Kcmitentin" KBiHPBS osasmda "Bahar Energy Limited'to moxsus olan payi munasibatindo bu Sazis uzro huquqlannm vo manfoctinin maliyyalasdirmosi ilc olaqcdar tsminat vermssi uzro hiiquqlanrn girov qoymagi, zamino verrnoyi va ya her hans: basqa sokilda borcla yuklamoyi qadagan eds bilmoz, 0 ~GrtIG ki: (a) Toroflordan hey biri digor Torsflorin qabaqcadan yazih razihgt olmadan (bela razihq asassrz olaraq saxlana bilmoz) bu Sazis uzrs huquq ve vozifalorini her hans! ucuncu torofa guzost eds bilmoz; (b) bela Taraf bu Sazis uzrs biitun vozifalsrinc gore VG bela torninat huququ ilo olaqadar ohdolik dasrmaqda davam edscckdir; (c) taminat htiququ bu Sazis uzro digor Tersflor huquqlanna aydin sokildc tabe edilmolidir; vc (d) bela Torcf har hansi bela tsminat htiququnun bu Sazisin miiddalanna XGIGI gstirmodon ifads edilmosini tomin etmalidir. 11. ASSIGNMENT The "Consignor" will have the right to assign their rights under this Agreement in relation to the share owned by "Bahar Energy Limited" under the ERDPSA in favour of a financial institution financing or refinancing the "Bahar Energy Limited"'s activities related to the ERDPSA. The Parties undertake to sign any acknowledgement of assignment necessary or desirable to perfect the assignment ofsuch rights that may be requested by such financial institution (including, without limitation, step-in rights). Subject, and without prejudice, to the preceding two sentences, no Party may transfer its rights and obligations under this Agreement to any third party without the prior written consent of the other Parties (such consent not to be unreasonably withheld) Nothing contained in this Article 11 shall prohibit a "Consignor" from mortgaging, pledging, or otherwise encumbering its rights and benefits in relation to the share owned by "Bahar Energy Limited" under the ERDPSA to a third party in order to provide security relating to finance, provided that: (a) No Party may transfer its rights and obligations under this Agreement to any third party without the prior written consent of the other Parties (such consent not to be unreasonably withheld); (b) such Party shall remain liable for all of its obligations under this Agreement and relating to such security interest; (c) the security interest shall be expressly subordinated to the rights of the other Parties under this Agreement; and (d) such Party shall ensure that any such security interest shall be expressed to be without prejudice to the provisions of this Agreement. 12. ntcen sartlar. 12. OTHER TERMS Hazirki Sazis Azorbaycan Vg Ingilis (dord) orijinal nusxodo tortib olunub. Bu dillorindo 4 nusxalordcn 12.1 This Agreement is made in 4 (four) originals in Azerbaijani and English. Each Party shall retain one -.J 15

16 her bir Torofdc saxlanihr, biri isc ARDN~-ya toqdim olunur. Sazisin hor iki dili borabor qiivvoys malikdir Bu Sazisin maddalori bir-birindon aynla bilar. Ogor hazirkr Sazisin her hansi maddosi vo ya onlann bir hissosi hansisa sobsbdan, 0 cumlodcn hor hans! movcud va ya qobul edilon qanunun icrasi ilo olaqodar, quvvadon dusorso va ya quvvodon dusmus vo ya qanunsuz hesab edilorsc, naticado bela madde hazrrki Sazisin digor maddolorini vc ya butov Sazisi quvvsdon salmrr. Olavo olaraq, her hansi bela madds yerino yetirilorse, qanuna zidd hesab olunmayacaq on yaxin rnurnkun kommersiya effektino nail olmaq tiytin qanunla icazo verildiyi dorocodo duzolis edilir Hazirki Sazisin imzalanmasmdan ovvol Toroflcr arasmda ixrac Neftinin ixracrna dair, butun yazih VCl ya sifahi sokildo slds olunrnus razilasmalar, rnuqaviloler, muzakirclor va darusiqlar, Taroflcrin ovvalki muqavllolsr vo ya razilasmalarla bagh goturduklsri vc yerino yetirilmosi tarnamlanmarrus ohdaliklor istisna olmaqia, bu Sazisin quvvoyo mindiyi andan oz qtivvosini itirmis hesab olunurlar Torsflardon her biri bu Sazisin kommersiya sovdolosmosi olduguna va onun suverenitet vo ya digor osasla iddia va ya mchkcmo arasdmlmasmdan (yurisdiksiyaya, iddiaya, mahkoma qoranna qcdor hcbsin qoyulmasma, qorann icrasi v~ ya qorann digor sokildo totbiqina mtmasibstdo toxunulmazhq daxii olmaqla, lakin bunlarla mohdudlasmayaraq) toxunulmazliq huququnun olmadiguu bsyan edir VCl buna dair zomanot verir Bu Sazisin terof olmayan soxsin bu Sazisin her hansr sortini hoyata kecirmok va ya ondan faydajanmaq huququ yoxdur Bu Saziso l-don 7-g qador nornralonmis Qosrnalar clave edilmisdir vo bu Qosmalar butun msqsadlor baximmdan bu Sazisin torkib hissosini toskil edir. Qosmalarda gostorilmis miiddaalarla bu Sazisin motninda mucyyon edilmis muddoalar vo sartlor arasmda ziddiyyot olarsa, sonuncuya ustunluk verilir. copy of it, with one copy being provided to SOCAR. Each language shall have equal force The articles of this Agreement are severable. Invalidation, as well as consideration to be invalid or illegal of any article of this Agreement, or any part thereof, for any reason, including with regards to any existing or expected to be adopted laws, shall not invalidate the remaining articles or the Agreement as a whole. Moreover, if any such article is being fulfilled, it shall be corrected to the extent permitted by law to achieve the nearest possible lawful commercial effect Any written or oral understandings, contracts, discussions or negotiations in relation to the export of WMO, taken place between the Parties before this Agreement has been concluded, with the exception of any obligations of the Parties taken and not yet fulfilled in accordance with prior contracts or arrangements, shall be considered null and void as of the time when this Agreement comes into effect Each Party warrants and represents that this Agreement constitutes a commercial transaction and that it is not entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (including, without limitation, immunity from jurisdiction, suit, attachment prior to the judgment, execution or other enforcement) A person who is not a party to this Agreement has no right to enforce or to enjoy the benefit of any term of this Agreement Appendices I - 7 are attached to this Agreement and such Appendices are hereby made part of this Agreement for all purposes. In the event of a conflict between the terms and conditions of any Appendix and the terms and conditions set forth in the body of th is Agreement, the latter shall prevail. 16

17

18 Qosma Nsl Appendix 1: XAM NEFTiN ixrac MAR$RUTU DZR8 xosust $8RTL8R. BOLMaI. XAM NEFTIN NOVOROSSIYSK LIMANINDAN SATI~I IL8 BAGLI $8RTL8R. 1. TaRiFLaR. Tochizat montaqasi - Sirvanovka ixrac olyu mcntcqosi. Ekvivalent Ixrac Nefti - «Noqledici» torsfindan Boyiik $01' tohvil montcqosina noql edilerok ARDN$-nm «Azneft» istehsalat Birliyino tohvil verilon vc «A zne ft» Istehsalat Birliyi torcfindsn ARDNS-nin doniz yataqlannda hasil olunrnus Catdmlan in-ng ekvivalent kutlodo neftlo evozlesdirilmis ARDN$-nin ixrac neft partiyasrrnn torkibindc alan xam neftin hissosi. Sans mantaqasi - «Kornisyoncu» ilo Ahci arasmda ARDN$ ixrac neftino dair muvafiq satts muqavilosindo qeyd olunan xam neftin «K ornisyoncuxdan Aliciya kecdiyi montoqo. Digar Yukdasryrcilar: "AK "Transneft" S$ - Tochizat mentoqasindsn Sans rncntcqcsina qador Rusiya Federasiya orazisindo xam neftinin noqli uzra sistemin operatoru. 2. MUKAFAT ve X8RCL8RiN HESABLANMASI. Bu Qosrnada qeyd olunan xorclcr Sazisin imzalanma tarixino etibarhdirlar, lakin hazrrki Sazisin muddoti crzindo Teroflerdsn asih olmayan sabablora goro doyisila bilor. Bu toqdirda Tsroflor xos moramla xorclorin yeni miqdan haqqmda razihga galirlar KOMiSYON HAQQI ]. «Kornitente a gostorilmis xidmotlora gora asagida qeyd olunan komisyon haqqi «Kom isyoncuxya odenilrnalidir: «Komisyoncue nun kornissiyasi: Sans moblagindon 1% (Azsrbaycan Respublikasi qanunvericiliyindo nozcrdo tutulmus 8DV clave olunmali) XaRCLaR. EiN-nin ixract ilo olaqadar asagida qeyd olunan xorclcr «K om isyoncuxnun yg/yg ya «N s qled icixn in faktiki cokdiyi miqdarda odcnmolidir (vo ya neft boru kamorindc itkilsrle olaqsdar «Catdm lan in»-ninlein-nin faktiki itkisi miqdannda): SPECIAL CONDITIONS FOR CRUDE OIL EXPORT ROUTE. SECTION I. CONDITIONS ON SELLING CRUDE OIL FROM THE PORT OF NOVOROSSIY SK. 1. DEFINITIONS. Redelivery point - The Shirvarovka Export Metering Point. Equivalent WMO - Part of SOCAR's batch of export oil exchanged by the wei ght of SOCAR oil produced by "Azneft" Production Union from the Caspian Sea fields and equivalent to the Delivered WMO, transported by the "Transporter" for "Azneft" Production Union to the Boyuk-Sor terminal, Sales Point- The facility at which crude oil is transferred from the "Commission "Agent" to the Buyer, as indicated in the relevant SOCAR export oil sales agreement between the "Comm ission Agent" and the Buyer. Other Shippers: "AK "T ransneft" JSC - Operates a system for transporting crude oil within the Russian Federation from the Redelivery point to the Point of Sale. 2. CALCULATION OF FEES AND COSTS. The Fee s, Costs and Losses set out in thi s Appendix are current as ofthe Signature Date but may change during the period of thi s Agreement for reasons beyond the control of the Parties. In this event the Parties shall negotiate in good faith to agree on new Fees, Costs and Losses COMMISSION FEE The following Fee shall be payable to the «Commission Agent» based on the actual services provided by the «Commission Agent» to the "Consignor": "Commission Agent's" commission: 1% of the sales amount (plus V AT at the rate applicable by Law of the Republic of Azerbaijan). 2.2 COSTS. The following Costs shali be payable to the extent they are actually incurred by the "Commission Agent" and/or the "Transporter" in relation to the EWMO (or, in the case of pipeline losses, to the extent that Delivered WMO/EWMO was actually lost, but not in excess of the same specified herein): 18

19 Noqliyyat xarclori (Boru kamori xorclori) A) NKi-nin tarifi: Catdmna mantaqasi-sirvanovka Miqdar: Catdirma montcqcsinda imzalanmis Qcbul-tohvil aktma uygun olaraq «Catdin lan IN»-nin rniqdanrnn bir brutto metrik tonlarda rniqdan. Tarif: Bir brutto metrik ton ucun 3,2 AZN (Azorbaycan Respublikasi qanunvericiliyindo nozarda tutulmus edv clave olunrnah). Gostorilon nsql tarifindo doyisiklik v~ha ya clave edilorse, yeni muoyyan edilmis nsql tarifi ve ya tariflori Azorbaycan Respublikasinm Tarif Surasi torafindon tosdiq edildiyi tarixdon etibaron «Noqledici» va «Kornitent» tcrafindon qabul edilccokdir. B) Transneftin tarifi (Sirvanovka - Novorossiysk) Migdal': ARDN$ nefti iiciln Sesxaris neft terminahnda (Simal Ixrac Neft Komcrinin Novorossiyskdoki crxist) tanker partiyasina buraxilan Qsbul-tohvil akti csasmda hesablarnr va EiN-nin metrik tonlarda muvafiq miqdanna totbiq edilir. Tarif: Bir netto metrik ton iictin AB$ dollan Xidm;lt xarclori a) Bank komissiyalart va bank xarclari: EiN-nin miqdanna uygun nisbatdo hesablanrms bu Sazis ve Sans haqqmda Muqavilo uzra vssaitlorin kocurulmosi va akkreditivlorin acilmasi, avizolanmasi vo icra edilmosi uzro «Komisyoncu» tcrofindon cokilmis xorclor. b) Gomrtik rlisumu: «Azorbaycan Respublikasmda ixrac-idxal omoliyyatlan uzro gomriik rtisumlannm daracoleri, gomriik rasmilesdirilmosine gore alman yrgtrnlarm miqdan haqqmda» Azorbaycan Respublikasi Nazirlor Kabinetinin 12 aprel 2001-ci il tarixli 80 nomroli qoranna ssason, ham in qorara edilrnis va rusumlarm odonilmcsi zarnam quvvsdo olan son dsyisikliklore muvafiq olaraq. c) Azorbaycan Respublikasi Iqtisadi Inkisaf Nazirliyi yanmda istehlak Bazarma Nozarst tizro Dovlot Xidmotinin nozdindc istehlak MaIlannm Ekspertizasi Burosundan m<;lnsg sertifikatlannm almmasl ilzrg XQfclgr: EiN-nin bir metrik tonu iiclln 0,05 manat (adv ilo birlikdo). d) Novorossiyskd<;l ekspeditor x;}rct~ri: ARDN$ ixrac neftinin konosament miqdan osasmda bir brutto metrik ton Iictm 0.24 AB$ dollan, EiN-nin miqdanna uygun nisbotdo hesablanir. e) inspeksiya xorclori: ARDN$-nin ixrac nefti partiyasmm konosament ssasmda miqdanna EiN-nin proporsional nisbsti mablcgindo, Novorossiyskdo ARDN$ ixrac nefti partiyasuun inspeksiyasma goro «Komisyoncu xya Transportation Expenses (pipeline Expenses) A) OPD tariff: Delivery Point-Shirvanovka Amount: Gross metric tonnage of "Delivered WMO" in accordance with the Delivery-acceptance act signed at the Delivery Point. Rate: 3.2 AZN per gross metric ton (plus VAT at the rate applicable by Law of the Republic of Azerbaijan). If there is change or addition to transportation rate, the ''T ransporter'' and "Consignor" shall accept the newly set transportation rate(s) as of the date on which the Tarif Council ofthe Republic ofazerbaijan approves them. B) Transneft tariffcshirvanovka to Novorossiysk) Amount: in net metric tons stated in the Deliveryacceptance act for a vessel cargo issued in Sheskharis oil base (Northern Pipeline outlet in Novorossiysk) for the quantity of SOCAR Oil proportioned to the relevant quantity of Equivalent WMO Rate: 15,67 USD per net metric ton Services Costs a) Bank commission and banking costs borne by the "Commission Agent" for issuing, advising and execution of letters of credit and payment transfers under the Sale Agreement and this Agreement in proportion to the relevant quantity ofewmo. b) Customs fees: Based on the Republic of Azerbaijan Cabinet of Ministers Resolution No. 80 dated April 12, 2001 titled "Customs Duty Rates for ImportslExports in the Republic of Azerbaijan, and Levies Received for Customs Procedures", as well as the latest amendments in force at the time the duties are paid. c) Fee collected for a Certificate of Origin issued by the Consumer Goods Expert Appraisal Bureau of the State Consumer Market Oversight Services of the Ministry of Economic Development ofthe Republic of Azerbaijan: 0.05 manats per metric ton of EWMO (V AT included). d) Forwarding fee in Novorossiysk: USD 0.24 per gross metric ton of bill-of-lading quantity of SOCAR export oil proportioned to the quantity of Equivalent WMO. e) inspection costs: Actual cost invoiced to and paid by the "Commission Agent" to inspection company for inspection of SOCAR export crude oil in Novorossiysk in proportion of EWMO to bill-of-lading quantity of SOCAR export oil cargo. ~ 19

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22 Qosma N~2 Appendix 2 _ AYI UZRa CATDIRILMA QRAFiKi MONTHLY DELIVERY SCHEDULE FOR _ N~ Tarix Neft Neft partiyasinm QEYD partiyasmm tovinan miqdari KN IN (tonla) Amount of oil Type of oil batch NOTES No. Date batch (in tons) CCO WMO RUB UZRa CATDIRILMA QRAFiKi QUARTERLY DELIVERY SCHEDULE FOR _ OCUMLaDaN: N~ RUB AYI AYI AYI BREAKDOWN PER MONTH: No. _QUARTER MONTH MONTH MONTH il UZR3CATOIRILMAQRAFiKi YEARLY DELIVERY SCHEDULE FOR _.N~ OCUML30i3N: il IRDB II RDB III RUB IV RUB N BREAKDOWN PER QTR; YEAR o. - IQTR IIQTR III QTR IVQTR de> ~ 21

23 Qosrna.N'~3 Appendix 3 (Qobul Tohvil Montoqosi) (rnuossiso (Delivery/Receiving Station) (Company) KEYFiyyaT PASPORTU.N'~ Laborato riya Lab oratory (Muas sisa) Numunanin gotur ulms tarixi V'J vaxti _ Sampling date QUALITY CERTIFICATE Na. (Com pany) _ ~ and tim e _ Numunonin goturulduyu 01 <;[1 vas itosi ---=_-:-=:-;;-::,-- _ (C:lO,NKOS) I. 01 9m~ scraitindc neftin orta temperaturu c 2. Olema soraitindo tozyiq MP a 3. Olema sorai tinda nefti n orta SIX!Lgl kq/rrr' 4. Standart soraitinda (20 C) neftin ort a sixhgr kq/rrr' 5. Xlo r duzlannm miqdan mq/! % 6. Mexaniki qansiqlann miqdan % 7. Suyun kutla payi % 8. Ball astm miqdan % ton 9. Ktikurdun miqdan % 10. Doyrnus buxar tozyiqi Pa (mm. c.st.) II. Kinematik ozluluk 20 0C -dg sst 12. Parafin in kutlo pays % Measurement method for taking sample --=---,-- _ (Tank, PQMS) 1. Avg. oil temp when measured "C 2. Pressure when measured MPa 3. Avg oil density when measured kg/m3 4. Avg oil density un der standard conditions (20 C) kg/m3 5. Amt chlorine salts mg/l % 6. Amt sediment % 7. Percentage of H 20 % 8. Amt ofballast % ton 9. Amt of sulfur % 10. Vapor pressure Pa (mm. c.st.) 11. Kinematic viscosity at 20 C sst 12. Paraffin content % Bu keyflyyot pasportu sa yh qebul-tohvll aktma alava olunur. This quality certificate is appended to Bill of Delivery no. _ (Laboratoriyanm mudiri) (A.SA, irnzasr) (Head of laboratory) (First/middle/last names and signature) (Komitent ) (AS.A., vez ifasi, imzasr) (Consignor) (First/m iddle/last names, job title, signature) (Naqledic i).s (A.S.A, vczifosi, irnzasi) (Tran sporter) (First/ middle/last names. j ob title, signature) ~ 22

24 Qosma.N'24 (muossisanin adi) (QTM) (Neftin novu) NEFTiN Q8BUL-T8HViL AKTI X!! Ns-li, «_» 20 il tarixli vskalatnamoni osasmda foaliyyat gostoron Komitent torofin numayondosi <Ns-li, «_» 20 it tarixli voka lctnams ni osasmda foaliyyat gostoron Naqledici tarofin numayondosi asagida gostori lon komi yy otda VCl keyfiyyotds ixrac neftini noql ucun qsbul etdi. Tschizat tarixi Saygaan gostericilsri Baslangtc Son Ballastut N eftin Ballast Neftin Orta Orta urc.» Keyfiy, miqdan brutto hecmi temp. stxltq stxltq paspor. Xlor duzlan Mexaniki kialssi Su {m'} (IC) (kqlnl) (kq/m').m!-si qartstqlar % ton (ton) (%) mq/l % (%) Neftin Iletto kialssi (ton) Tahvil verilon neftin netto klitlasi. (yazih) (yazrh) ton, kq Ia I II III Qeyri/s ton ton ton ~ n ton Komitent -:---:-:,...,..- :----, (vczifasi, S.3.a., imzasi) Naqledici -..,.,,---,-_----, (vazifasi, S.a.3., imzasr) _ cp Komisyoncu ---:-~--.,... : (vozifasi, s.a.a., irnzast) ~ 23

25 Qosrna N~S (muossisonin adi) (QTM) (Neftin novu) NEFTiN Q8BUL-'reavn. AKTI.N'2 - Ns-li, «_» 20 il tari xli vokaletn amcni osasmda faaliyyot gos tcron Kom itent torcfin ntimayando si NIl-li, «_» 20 il tarixli vokalatnamoni osas mda foaliyyot gos toron Nsqledici torsfin numaycndcsi asagida gostorilon kami yystdc vo keyfiyyo tdo ixrac neftin i noql ilcun qobul etdi. Tschizat tarixi Conin M-si urc:» Neftin Ballast Ballastin Neftin ssviyyesi Neftin Orta Orta Keyfiy Neftin brutto Xlor duzlart Mexaniki miqdan hecmi temp. stxltq stxltq paspor. Su netto Bosalmadan Bosalmadan kiitlssi (m J (lc) (ton/m') XQ-si qanstqlar ) (kq/m 3 ) (%) mqll % % ton kialssi evvsl (mm) sonra (mm) (ton) (%) Tahvil verilon neftin netto kiltlesi (yaz ilr) (yazilr) kq ton, Ia I II III Qeyri/s ton ton ton ton ton (vozifosi, s.a.a., imzasi) (vozifcsi, s.a.a., imzasi) ;J 24 (vozifosi, s.a.a., imzasr)..j--'

26 Qosrna N~6 "T3SDiQ EDiRaM" "TaSDiQ EDiR3M" "T3SDiQ EDiR3M" (Vazifasi) (Vczifasi) (Vozifasi) (imzasl, ASA) (Irnzasi, ASA ) (lmzasi, ASA) it it if UZLaSMa AKTI Suraxarn NVS " " 20 il Biz asagida irnza edonlor, bu akti ilkin qobul-tchvil aktlan csasmda tortib etdik ondan otori ki, tcrofindon 20 -Cl ilin aymda Suraxam Neftvunna Stansiyasinda ncql uyun tohvil verilmis ixrac toyinatli neftin brutto kutlosi ton, netto kutlosi iso ton toskil etmisdir. Komitentm terafindon: Komisyoncu torafindon. (Vozifs si) (Vazifosi) (Vazifasi) (lmzasi, AS.A.) (lmzasi, A S.A.) (lmzasr, A S.A.) " " il " " il " " 20 il 25

27 Appendix 6 APPROVED BY APPROVED BY APPROVED BY (Job Title) (Job Title) (Job Title) (Signature, first/middle/last names) (Signature, first/middle /last names) (Signature, first/middle/last names) 20 20_ 20 COLLATION ACT QTM Dab : " We, are the undersigned, hereby certify that 20 on the basis of Delivery Acceptance Acts delivered _ gross tons and net tons of World Market Oil to the Surakhani Pump Station. For the Consignor: For the Commission Agent: For the Transporter: (Job Title) (Job Title) (Job Title) (Signature, first/middl e/last nam es) (Signature, first/middle/last names) (Signature, first/middl e/last names) 26

28 Qosma -7 UZLa~MaAKTI " " Cl il Biz asagida imza edonlor: Komitent tarfindan: ARDN~ torafindan: Naqledici tarafindan: bu Uzlosma AKTI-m tartib etdik ondan otrii ki, Komitent torofindan 20_-Cl ilin aymda ARDNS~ninMiai-Y<l asagrda qeyd olunan miqdarlarda Kompensasiya V<l Ixrac nefti tohvil verilmisdir, Xl! Tahvil verilan neftin Miqdarr ilkin aktlann toyinatr Brutto kiltlasi Netto kiitlasi X!!-si 1. Kompensasiya Xam nefti 2. Ixrac nefti Umumi comi: Qeyd ii-;iin osasdir. Bu AKT niisxoda tartib olunmusdur va Taroflarin qarsihqh odamalari hoyata keeirmosi Qosma: ilkin qobul-tohvil aktlan vcroqdo 27

29 Appendix 7 COLLATION ACT Baku Date:, 201 We, the undersigned: For the Consignor: ForSOCAR: For the Commission Agent: For the Transporter: This monthly collation act certifies that Consignor, during the month of following amounts of Compensation and Export oil to SOCAR MO:, 20_ delivered the No. Type of oil delivered 1. Compensation crude oil 2. Export oil Amount Gross weight Net weight Initial doc. No. Notes Total: This collation act is made in_copies and is the basis for the Parties to make payment to each other. End: Delivery-acceptance acts in pgs. 28

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