Key Benefits:
REPUBLICOF LITHUANIA
LAW
ON GRANTING THE CONCESSION AND ASSUMING THE ESSENTIAL PROPERTY OBLIGATIONS OF THE REPUBLIC OF LITHUANIA
IN VISAGINAS NUCLEAR POWER PLANT PROJECT
21 June 2012 No. XI-2085
Vilnius
Article 1. Scope of the Law
1. The purpose of this Law is to approve the granting of the concession to the project implementing company in Visaginas nuclear power plant project and approve the draft concession agreement between the Republic of Lithuania, the strategic investor and the project implementing company (the concession agreement), including essential property obligations of the Republic of Lithuania stipulated in the draft concession agreement.
2. The terms used in this Law shall be understood as defined in the Law on Concessions of the Republic of Lithuania (the Law on Concessions), and the Law of the Republic of Lithuania on the Nuclear Power Plant (the Law on the Nuclear Power Plant).
Article 2. Decision on the concession
1. The Seimas of the Republic of Lithuania approves:
1) the granting of the concession to the project implementing company in Visaginas nuclear power plant project;
2) the selection of the strategic investor indicated in the draft concession agreement for the Visaginas nuclear power plant project;
3) the assumption of the essential property obligations of the Republic of Lithuania stipulated in the draft concession agreement;
Article 3. The essential property obligations
1. The State by the law assumes all the essential property obligations stipulated in the concession agreement including, but not limited to:
1) to carry out the project of preparation of the main access road of the Visaginas nuclear power plant project from the Klaipeda State Seaport pier up to the boundary of the nuclear power plant plot as stipulated in the draft concession agreement (including Clause 7.1.2 and Annex 2);
2) to ensure granting of a land plot, required for implementation of the Visaginas nuclear power plant project, to the project implementing company, as stipulated in the draft concession agreement (including Clause 7.1.1 (A));
3) to buy out shares of the project implementing company from shareholders of the project implementing company in the event of termination of the concession agreement in cases when the agreement termination risk is attributed to the Republic of Lithuania and in other established cases, as stipulated in the draft concession agreement (including Clauses 20.1, 20.3, 26, 32);
4) to compensate the entities indicated in the draft concession agreement for the losses arising from the damages due to use of work products in accordance with the ancillary agreements as stipulated in the draft concession agreement (including Clause 15);
5) to compensate the entities indicated in the draft concession agreement for the losses arising from breach of the confidentiality undertaking by the Republic of Lithuania, as stipulated in the draft concession agreement (including Clause 13);
Article 4. Resolution of disputes arising out of or relating to the concession agreement
The Seimas of the Republic of Lithuania approves the settlement concerning the resolution of disputes arising out of or relating to the concession agreement by arbitration, as stipulated in Clause 45 and other clauses of the concession agreement.
Article 5. Denial of additional rights
This Law shall not grant the strategic investor, its related companies, the general contractor and nuclear fuel supplier indicated in the draft concession agreement and other shareholders of the project implementing company as well as other persons more rights than the concession agreement, and it may not be applied separately without application of a particular term of the concession agreement when establishing liability of the Republic of Lithuania.
I promulgate this Law adopted by the Seimas of the Republic of Lithuania.
