Article 3

Article 3

In implementing this Agreement, the Parties shall be guided by the following:

the place of registration of the International Project Company shall be determined by the Project Participants. The place of registration of the International Project Company shall be in one of the European Union Member States,

the International Project Company constituent documents shall provide for the relevant rights of its minority shareholders, including those related to the changes in the International Project Company shareholders' capital, in accordance with the national legislation of the country where the International Project Company is registered,

the most effective modality of financing the construction of the Oil Pipeline is the principle of "project financing" which is recommended by the Parties to be used by the International Project Company, in accordance with the international practice.