About MOO
We are Isa bin Salman Al Khalifa, prince of the State ofBahrain.
After reading the Constitution,
And on Prince's Order 4 of 1975,
And on the decree of law No. (9) of 1976 to establish the NationalBahrain Oil Company,
On the decision of the Prime Minister of 1978 to adopt the decision of the Board of Directors ofthe National Bahrain Oil Company of 16/7/1978 on the issue of borrowing to finance the associated gas project,
On the loan agreements of September 14, 1978, betweenthe National Bahrain Oil Company and two consortiums of banks to finance the associated gas project,
At the presentation of the Minister of Development and Industry and the Minister of Finance and National Economy,
After cabinet approval,
We drew the following law.
Article 1
The loan agreements, dated September 14, 1978 and signed by the Minister of Finance and National Economy, and the agreements betweenthe National Bahrain Oil Company and two of the banks mentioned in the aforementioned agreements, were guaranteed to be guaranteed in the amount of 60 million U.S. dollars and six million dinarsrespectively to finance the accompanying gas project inBahrain in accordance with the conditions and conditions stipulated in the above-mentioned agreements.
Article 2
The loan agreements referred to in Article I, as well as the replacement agreements mentioned in the aforementioned loan agreements, are exempt from taxes and fees applicable in the territory of the State or imposed on the signing or registration of those agreements, any modification, change, waiver or one of them, as well as the transfers of the rights and obligations of any bank that is provided for in both the loan agreements and the replacement agreements.
Article 3
The Minister of Development and Industry concludes an agreement withthe National Bahrain Oil Company under which the said company, in addition to what is agreed, all the associated gas produced from theBahrin oil field is free of charge for at least eight years and as long as the production of this gas continues from the currentBahrin oil field and from any expansion that subsequently develops for any part that is considered complementary or complementary to this field.
The period referred to in the previous paragraph does not exceed 50 years from the date of the establishment of a jointstock company to own and manage the associatedMarine gas project.
In any case, it is stipulated that the accompanying gas, which remains after it has been extracted from the state, is produced after it has been extracted from it, and that it is extracted from it of napta, propine, biotin and any natural gas liquids.
Article 4
Ministers must implement the provisions of this law and act on it from the date of its publication in the Official Gazette.
Prince of TheBahrin
Isa bin Salman Al Khalifa
Issued at Al-Rifaa Palace
On The 27th of 1398
October 28, 1978
