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  • 5 1995 [.] ( 20.09.1995)
    2007
         EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
       
                                             Office of the General Counsel
                                                                          
                                                           Mr V.G. PANSKOV
                                                       Minister of Finance
                                                Ministry of Finance of the
                                                        Russian Federation
                                                           10 30 97 Moscow
                                                             ul. Ilyinka 9
                                                        Russian Federation
                                                                          
                                                    c.c. Mr Y.K. SHAFRANIK
                                               Minister of Fuel and Energy
                                        Ministry of Fuel and Energy of the
                                                        Russian Federation
                                                                    Moscow
                                                       7, Kitaiskiy proezd
                                                        Russian Federation
                                                                          
                                                         20 September 1995
       
           Dear Minister,
           Re: Komi Emergency Oil Spill Recovery Project
               Operation No. 312
               Amendment to the Loan Agreement
       
           Please refer to the Loan Agreement (the "Loan Agreement") dated
       5  May 1995 between yourself (the "Borrower") and the European Bank
       for   Reconstruction  and  Development  (the  "Bank").   Expression
       defined in the Loan Agreement bear the same meanings herein.
           Pursuant to Section 10.03 of the Standard Terms and Conditions,
       we hereby agree to amend the Loan Agreement as follows:
           1.  Schedule 2 - Categories and Drawdowns of the Loan Agreement
       is  hereby amended by inserting after paragraph "5" a new paragraph
       "6" to read as follows:
           "6.  Notwithstanding the provisions of paragraph  2  above,  no
       drawdown   shall   be  made  in  respect  of  payments   made   for
       expenditures prior to the date of the Loan Agreement,  except  that
       drawdowns  in  an  aggregate  amount not  exceeding  two  and  half
       million  dollars (USD 2,500,000) may be made in respect of category
       A.1  and B.1 and C.4 of Schedule 1 on account of payments  made for
       expenditures  before  the date of the Loan Agreement  but  after  1
       March 1995."
           2.  Section  2.03  of the Loan Agreement is hereby  amended  by
       inserting a new subparagraph "(c)" to read as follows:
           "(c) The Borrower authorises the Bank to drawdown, from time to
       time,  such  amounts  as are necessary to pay for  the  consultants
       retained  by  the  Bank  and referred to in  Section  2.07  of  the
       Project Agreement and the Bank may pay to itself such amounts."
           3. The attachment to Schedule 2 to the Loan Agreement is hereby
       amended  in its entirety and the schedule attached hereto as  Annex
       A is inserted in lieu thereof.
           Please  note  that  we  have  changed  the  amount  in  "Social
       Expenditures Category under Part A.5 of the Project" from  USD  0.4
       million  to  USD  0.8  million and we have added  a  new  Part  A.1
       through  A.3,  B.1  and  A.5  of the Project  in  the  "Consultants
       Services  under Part C.1 of the Project" and we have decreased  the
       amount  of the Loan allocated to "Consultants' Services under  Part
       C.1  of  the  Project" from USD 5.0  million to USD  4.0   million.
       Furthermore,  we  have  inserted a new category  "Consultancy  Fees
       referred  to  in  Section  2.07  of  the  Project  Agreement",  and
       allocated USD 1.0 million thereto.
           With  these  amendments  the terms of the  Loan  Agreement  are
       hereby confirmed in its entirety.
           Please  confirm  the binding agreement of the Borrower  to  the
       above amendments by signing the three copies of this letter in  the
       space  below  and returning all three copies to the Bank,  for  the
       attention   of   Tim   Bezencon,  Operation  Administration   Unit,
       whereupon the Bank will sign the three copies and return  on  fully
       signed copy to you.
           These amendments will become effective as of the date indicated
       on  this  letter  upon the signature by both the Borrower  and  the
       Bank.
           Yours sincerely,
       
                                                         European bank for
                                            reconstruction and development
                                                     Deputy Vice President
       
                                                      Accepted and agreed:
                                                       Ministry of finance
                                                Deputy minister of finance
                                                 of the Russian Federation
                                                         Alexander SAMUSEV
       
       
       
       
       
       
                                                                   Annex A
       
                           ATTACHMENT TO SCHEDULE 2
       
       -------------------------T---------------------T-----------------
               Category               Amount        % of Expenditures
                               of the Loan Allocated to be Financed  
                               in the Loan Currency                  
                                   USD millions                      
       +------------------------+---------------------+-----------------+
       (1) Management of          USD 9.0           20% of foreign   
       containment and clean up                     expenditures     
       activities under                                              
       Parts A.1 through A.3 of                                      
       the Project                                                   
       +------------------------+---------------------+-----------------+
       (2) Emergency pipeline     USD 2.9           20% of foreign   
       replacement works                            expenditures and 
       Part B.1 of the Project                      16.46% of local  
                                                    expenditures     
       +------------------------+---------------------+-----------------+
       (3)  Social Expenditures   USD 0.8           20% of foreign   
       under Part A.5 of the                        expenditures,    
       Project                                      16.46% of local  
                                                    expenditures     
       +------------------------+---------------------+-----------------+
       (4) Consultants' service   USD 4.0           100% foreign     
       under Parts A.1 through                      expenditures     
       A.3, B.1, A.5 and C.l of                                      
       the Project                                                   
       +------------------------+---------------------+-----------------+
       (5)  Interest accrued      USD 0.06567367    20% of foreign   
       under the loan agreement                     expenditures     
       between Komineft and                                          
       Imperial Bank                                                 
       number 5-074-021 of                                           
       17 March 1995 and under                                       
       the loan agreement                                            
       between Komineft and                                          
       International Moscow                                          
       Bank of 5 May 1995, to                                        
       the extent these loans                                        
       had been utilized by                                          
       Komineft to fund the                                          
       expenditures under                                            
       Parts A.1 through A.3                                         
       and B.1 of the Project.                                       
       +------------------------+---------------------+-----------------+
       (6) Consultancy fees       USD 1.0           100% foreign     
       referred to in                               expenditures     
       Section 2.07 of the                                           
       Project Agreement                                             
       +------------------------+---------------------+-----------------+
       (7) Unallocated            USD 6.98432633                     
       (Contingency)                                                 
       +------------------------+---------------------+-----------------+
       (8) Front-End Commission   USD 0.25                           
       +------------------------+---------------------+-----------------+
       TOTAL                     USD 25.0                            
       L------------------------+---------------------+------------------
        

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    XI " ",
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