THE HYDROCARBONS (PROSPECTING, EXPLORATION ... - PGS

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18 (c) voting shall be based exclusively on transparent and objective principles that shall not introduce discrimination and shall not prevent the relevant administrative decisions of the entity to be based on common commercial principles. (4) Without prejudice to the provisions of section (3), the legal person or the Republic may oppose any decision of the entity, which does not conform to the conditions and requirements of the granting of the licence, regarding the depletion of the reserves and the protection of the financial interests of the Republic: Provided that, the option to oppose a decision shall be exercised in a non-discriminatory manner, particularly regarding decisions on investment and sources of supply of the licensee, unless they breach the national legislation or the international legality. (5) Where the Republic’s participation in the activities is managed by a legal person, which also holds a licence, then: (a) the legal person shall keep separate accounts for its commercial role and its role as manager of the Republic’s participation; and (b) it shall ensure that there is no flow of information from the legal person responsible for the management of the Republic’s participation to the legal person which holds a licence. (6) If the legal person responsible for the management of the Republic’s participation engages the legal person that holds a licence as a consultant, the former may provide the latter with the –THIS IS NOT AN OFFICIAL TRANSLATION–
19 necessary information for the execution of his functions as consultant. The licensees, to whom the information relates, shall be informed in advance of the content of the information, so that they have sufficient time to raise objections, which are submitted to the Minister and the Minister decides after hearing the views on the matter from the two parties. Information that has to be provided by the licensees. 17. The Minister may request the licensees to provide information on existing or future sources of their supply in relation to their obligations under their licences, or for any other matter that is considered necessary by the Minister, either at regular intervals or when he considers it necessary. The Minister may request this information as long as it is justified on the following grounds: (a) public morality; (b) public order; (c) public security; (d) protection of health and life of humans, animals or plants; (e) protection of national treasures possessing artistic, historic or archaeological value; ((f) protection of industrial and commercial property; (g) observance of the national and international legality. Report to the Commission. 18. The Minister shall publish in the Official Gazette each year, and notify the Commission, a report that contains information on the geographical areas for which licences have been granted, on the –THIS IS NOT AN OFFICIAL TRANSLATION–
Page 1 and 2: THE HYDROCARBONS (PROSPECTING, EXPL
Page 3 and 4: 3 hydrocarbons in a geographical ar
Page 5 and 6: 5 Granting of licences and conditio
Page 7 and 8: 7 Ministers ensures that the licens
Page 9 and 10: 9 (d) the Permanent Secretary of th
Page 11 and 12: 11 (f) the safety measures that hav
Page 13 and 14: 13 Committee, with a procedure deci
Page 15 and 16: 15 Terms and conditions for grantin
Page 17: 17 Contract between the government
Page 21 and 22: 21 138 (Ι) of 2001 37(Ι) of 2003.
Page 23 and 24: 23 (b) before a Court; Section 44 3
Page 25 and 26: 25 Prospecting, exploration or expl
Page 27 and 28: 27 not exceeding five hundred thous
Page 29 and 30: 29 obligations of the authorised pu
Page 31 and 32: 31 District Court. 14 of 1960 50 of

THE HYDROCARBONS (PROSPECTING, EXPLORATION ... - PGS

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