Common use of PRICE AND TERMS OF PAYMENT OF THE SERVICE Clause in Contracts

PRICE AND TERMS OF PAYMENT OF THE SERVICE. Section 5.01 Amount of the Agreement The amount of this Agreement is undetermined. Its final value will correspond to the total value of the product of the addition of all the invoices issued by Cenit for the payment of the Fee and it will be established once it is ended and the final settlement thereof is made according to the provisions of Clause 17 of this Agreement. Under no circumstances may the Sender be exonerated or released from its responsibility to pay the Fee for the number of barrels actually transported in the respective Month of Operation during the Term for the Provision of the Service as per the provisions of this Agreement. Section 5.02 Modality of Payment of the Service The Agreement is made under the “Ship and Pay” modality, so the Sender, throughout the Term for the Provision of the Service, has the obligation to pay to Cenit all the Fee established in Section 5.03 of this Agreement, times the number of Barrels effectively transported in the respective Month of Operation. Section 5.03 Fee The Sender agrees, irrevocably and unconditionally, by the execution of this Agreement to the payment of the fee approved by the Ministry of Mines and Energy for each Barrel effectively transported under the Sender’s Contracted Capacity namely the sum of US$ 0.5539 per Barrel (the “Fee”). The Fee must be paid by the Sender pursuant to the provisions of Section 5.04 of this Agreement. “The Fee will be readjusted on an annual basis, on the first (1st) day of July of every year using the formula for the calculation of the so – called “Factor Φ” which has been defined by Resolutions No. 72 146 of the 7th of May of 2014 and 72 216 of 2014 “whereby the methodology for the determination of fees for the transportation of Crude Oil through pipelines is established”, enacted by the Ministry of Mines and Energy, as amended, supplemented or replaced from time to time.

PRICE AND TERMS OF PAYMENT OF THE SERVICE. Section 5.01 Amount of the Agreement The amount of this Agreement is undetermined. Its final value will correspond to the total value of the product of the addition of all the invoices issued by Cenit for the payment of the Fee and it will be established once it is ended and the final settlement thereof is made according to the provisions of Clause 17 of this Agreement. Under no circumstances may the Sender be exonerated or released from its responsibility to pay the Fee for the number of barrels actually transported in the respective Month of Operation during the Term for the Provision of the Service as per the provisions of this Agreement. Section 5.02 Modality of Payment of the Service The Agreement is made under the “Ship and Pay” modality, so the Sender, throughout the Term for the Provision of the Service, has the obligation to pay to Cenit all the Fee established in Section 5.03 of this Agreement, times the number of Barrels effectively transported in the respective Month of Operation. Section 5.03 Fee The Sender agrees, irrevocably and unconditionally, by the execution of this Agreement to the payment of the fee approved by the Ministry of Mines and Energy for each Barrel effectively transported under the Sender’s Contracted Capacity namely the sum of US$ 0.5539 3.3244 per Barrel (the “Fee”). The Fee must be paid by the Sender pursuant to the provisions of Section 5.04 of this Agreement. “The Fee will be readjusted on an annual basis, on the first (1st) day of July of every year using the formula for the calculation of the so – called “Factor Φ” which has been defined by Resolutions No. 72 146 of the 7th of May of 2014 and 72 216 of 2014 “whereby the methodology for the determination of fees for the transportation of Crude Oil through pipelines is established”, enacted by the Ministry of Mines and Energy, as amended, supplemented or replaced from time to time.