PARTICIPATION OF THE STATE. 21.1 The State shall acquire on the Effective Date, through the National Enterprise (Société Mauritanienne des Hydrocarbures) referred to in Article 6 of the Crude Hydrocarbons Code, a carried interest of ten percent (10%) in the rights and obligations of the Contractor in the Exploration Perimeter. The entities of the Contractor, other than the National Enterprise, shall finance the share of the latter in all Petroleum Costs corresponding to the exploration Petroleum Operations including therein the evaluation/appraisal of discoveries made in the Exploration Perimeter, during the entire duration of the Exploration Authorization which is the subject of Article 3 here above. The National Enterprise, as an entity of the Contractor, shall benefit on account of and pro rata to its participation from the same rights and benefits and is subject to the same obligations as the other members of the Contractor, subject to the provisions of this Article 21.
PARTICIPATION OF THE STATE. 12.1 Pursuant to Section 6 of the Petroleum Code, the STATE, or a government body or unit that is duly authorised for such purpose, may take a participating interest share (“Participating Interest”) in Petroleum Operations related to Exploitation which is the subject of this Contract. Election to participate in accordance with this provision shall be determined for each Exploitation Authorisation separately. The STATE’s Participating Interest so elected in any Exploitation Authorisation may not be less than five percent (5%) nor greater than twenty five percent (25%), at the choice of the STATE.
PARTICIPATION OF THE STATE. 21.1 The State shall acquire on the Effective Date, through the National Enterprise (Société Mauritanienne des Hydrocarbures et de Patrimoine Xxxxxx - SMHPM) referred to in Article 6 of the Crude Hydrocarbons Code, a carried interest of ten percent (10%) in the rights and obligations of the Contractor in the Exploration Perimeter. The entities of the Contractor, other than the National Enterprise, shall finance the share of the latter in all Petroleum Costs corresponding to the exploration Petroleum Operations including therein the evaluation/appraisal of discoveries made in the Exploration Perimeter, during the entire duration of the Exploration Authorization which is the subject of Article 3 here above. Additionally, to assist the National Enterprise with capacity building the Contractor, other than the National Enterprise, will advance to the National Enterprise, for each Calendar Year during the exploration period until first production is achieved from an Exploration Perimeter, an annual amount of two hundred thousand Dollars ($200,000) reimbursable by the National Enterprise in the event there is exploitation from the the Exploration Perimeter. The Contractor will not be subject to any tax or charge of any nature on account of this reimbursemnet or any gaains resulting therefrom. The method of reimbursement of these amounts will be specified in the JOA. The National Enterprise, as an entity of the Contractor, shall benefit on account of and pro rata to its participation from the same rights and benefits and is subject to the same obligations as the other members of the Contractor, subject to the provisions of this Article 21.
PARTICIPATION OF THE STATE. 15.1 It is agreed that, in accordance with the Mining Law, ten per cent (10%) of the capital of the Operating Company shall be allotted to the State, without any financial contribution on its part, as initial free interest.
PARTICIPATION OF THE STATE. The independence of the colonies The point of departure of the second phase of the evolution of relations between oil producing countries and the oil companies is determined by the achievement of independence of numerous states, which had formerly been colonies of the western powers, and by the coordinated action of various oil producing states. The first phenomenon embraces a time span of more than five years from 1956 to 1962, with the independence of Morocco (1956), Tunisia (1957), Belgian Congo, French Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Nigeria, Upper Volta (today Burkina Faso; 1960), and Algeria (1962). The intervention of these new states significantly altered the equilibrium of power within the international organizations as they had been granted voting power equal to that of industrialized countries. Through the position taken in these organizations and the treaties they stipulated, the new states brought about a profound revision of the traditional principles of international customary law (such as the pacta sunt servanda principle), considered to be expressions of the old international economic order and functional to the interests of the old colonial powers. The new principles were formulated in various resolutions of the General Assembly of the United Nations in the 1960s and early 1970s. Particularly relevant among these are those that solemnly affirm the “permanent sovereignty over natural resources” (Resolutions of 14 December 1962, No. 1803-VI and of 25 November 1966, No. 2158-XXI) or those concerning the establishment of a new international economic order (Resolutions of 1 May 1974, No. 3201, S-VI and No. 3202, S-VI), or those defining the economic rights and duties of the states in the so-called Charter of Algiers (Resolution of 12 December 1974, No. 3281-XXIX), which was adopted notwithstanding the opposition of the industrialized countries, as well as the Resolution on development and international economic cooperation (19 September 1975, No. 3362, S-VII). The above principles also decisively affirm, among others, every state’s inalienable right to its own natural resources and its right to adopt measures of nationalization for the complete recovery of such resources, as well as the jurisdiction of domestic courts to judge on the basis of their own laws disputes concerning nationalization measures. The affirmation of such principles served the purpose to recover the sovereignty, which had in part been restricted by instrume...
