DUSHANBE, November 23, Asia-Plus – Tajik-Austrian oil-extracting venture Petroleum Sughd plans to reregister itself, according to the Ministry of Industry.
A source at the Ministry of Industry told Asia-Plus that the Ministry of Justice (MoJ) is currently reviewing documents for re-registration of the JV. According to him, after Tajikistan’s Higher Economic Court handed down a ruling on liquidation of the JV this summer, the company’s administration has decided to re-launch the enterprise. “The Austrian side has applied to the Tajik government for reorganization of the enterprise and a special commission has been set up to review this issue,” the source, noting that the commission will have given its resolution by the end of the year.
Like before, the company’s authorized capital will amount to US$5 million, with US$3 million being share of the Austrian side. The company plans to be reregistered under the same name – Petroleum Sughd.
The junction by Higher Economic Court ordering liquidation of Petroleum Sughd was originally sought by the Ministry of Finance because the JV had failed to fulfill the terms of Tajikistan’s legislation on foreign investments, according to the source. Under the RT Law “On Foreign Investment” co-founders of an enterprise with participation of foreign capital should make their contributions to the authorized capital within a year after the enterprise is registered. The contributions were made to the enterprise’s capital only after the Ministry of Finance had file suit.
JV Petroleum Sughd is based in the settlement of Nefteobod in the Isfara district. Founded in September 2000, the enterprise develops 10 oil and natural gas fields in northern Tajikistan. According to the Ministry of Industry, total oil reserves in deposits developed by the company are nearly 2 million tons and total reserves of natural gas are estimated at 3 billion cubic meters.
