Article 5

Article 5

The Parties have agreed that the International Project Company, in order to ensure the transit of oil through the Oil Pipeline, shall conclude relevant agreement(-s) (contracts) with the Joint Stock Company "Transneft" which shall perform, inter alia, the following functions:

shall enter into oil transporting services agreements (contracts) with the oil consignors (oil owners) on the transportation of oil from production areas to the port of Alexandroupolis,

shall form the oil flows along the entire transit route,

shall manage the dispatcher services,

shall elaborate and implement the schedules of supply and loading (unloading) of oil tankers at oil loading terminals, as well as schedules of oil transit through the system of the oil trunk pipelines.

The Russian Party, in accordance with the request of oil consignors - oil-producing companies, shall ensure that the oil shipment volumes transported through the Oil Pipeline are included in the schedules of oil transit through the system of the oil trunk pipelines, approved in accordance with the procedure established by the Russian Party.

The right of ownership to the oil transported through the Oil Pipeline shall be retained by the oil consignors, in accordance with the provisions of the relevant commercial agreements (contracts).