DUSHANBE
, August 8, Asia-Plus – A Tajik-Austrian joint venture on extraction of oil and natural gas “Petroleum Sughd” based in northern
Tajikistan
has been found as not established and liquidated for not meeting requirements of Article 17 of the RT Law “On Foreign Investments.”
According to information from the Ministry of Economy and Trade, the Ministry of Finance applied to the country’s
Higher Economic Court
against “Petroleum Sughd” in early summer, claiming that the enterprise’s owners did not meet requirements of
Tajikistan
’s Law “On Foreign Investments.”
“Under this law each of participants of a joint venture should make its contribution to the enterprise’s authorized capital within a year after the registration,” said the source, “If these requirements are not met, the Ministry of Finance applies to court asking to find this enterprises as not established.”
Tajikistan
’s
Higher Economic Court
has ruled that the Tajik-Austrian JV “Petroleum Sughd” should be liquidated as not established. For its part, the enterprise’s denounced the ruling and lodged appeal against the court’s ruling. However, the court’s ruling has been upheld, according to the source. .
The source added that Tajik and Austrian sides might possibly launch a new enterprises on the basis of “Petroleum Sughd” in near future and would continue joint work.
In the meantime, according to information from
Tajikistan
’s
Higher Economic Court
, the joint venture “Petroleum Sughd” has functioned for 3-4 years and neither of sides has fulfilled its obligations.
According to information from the Ministry of Energy, the Tajik-Austrian JV “Petroleum Sughd” launched in September 2000 is located in the settlement of Nefteobod in the northern district of Isfara. It has 10 oil and natural gas deposits containing estimated some 2 million tons of oil and 3 billion cubic meters of natural gas.
