Section 17: Savings

17. Savings.—(1) Nothing contained in this Act shall affect any undertaking or business of Esso in connection with the exploration of petroleum, the production, refining, treating and transportation of natural gas and crude oil, and the purchase, distribution, marketing and selling of natural gas and crude oil. (2) In particular, and without prejudice to the generality of the provisions of sub- section (1), nothing contained in this Act shall affect— (a) any share held by Esso in the equity capital of the Pakistan Refinery, or any deed, bond, agreement other than the Agreements referred to in sub-clause (vii) of clause (d) of section 2, power-of-attorney, proxy, grant of legal representation or other instrument of whatever nature pertaining to the Pakistan Refinery, including specifically but without limitation the agreement entitled “Refinery Agreement” between the President of Pakistan, the Burmah Oil Company Limited, California Texas Oil Corporation, the Shell Petroleum Company Limited and Esso under its former name of Standard-Vacuum Oil Company, as supplemented by the Refinery letter Agreements Nos. 1, 2 and 3 and by the Tanker Letter Agreement, all dated the 28th November, 1959, and by the Ministry of Industries and Natural Resources, Government of Pakistan, letter No. P-III-1 (49)61, dated the 9th November, 1962, and the agreement between the Government of Pakistan and the parties to the Refinery Agreement, including the Pakistan Refinery, dated the 21st November, 1975; (b) any part of the interest held by Esso in the Pak-Stanvac Petroleum Project, in any licence or lease issued pursuant thereto or in any asset belonging to or held for the benefit of the participants in the Pak-Stanvac Petroleum Project; (c) the assets identified in the second Schedule to the Agreement referred to in section 9; (d) any contracts, agreements, assets, rights, powers, authorities and privileges, or any property movable or immovable, book-debts, cash balances, reserves, provisions or investments pertaining to any undertaking or business mentioned in sub-section (1), or any other rights and interest in or arising out of such property, as are in the ownership, possession, power or control of Esso; (e) any books of account, registers, records or any other documents of whatever nature pertaining to any undertaking or business mentioned in sub-section (1); (f) any liability of Esso for taxes and duties payable in relation to production, sale, import, export or other dealings pertaining to any undertaking or business mentioned in sub-section (1), or any entitlement of Esso to credit for or refund of payments made for or in respect of any such liability; (g) any liability of Esso for payment of annuities pensions, gratuities or other separation benefits to such officers and employees of Esso as are excepted under sub-section (1) of section 10 by agreement between the Federal Government and Esso, or any liability or entitlement of Esso for sums payable to or receivable from such officers and employees; (h) any other liability, indebtedness or obligation of Esso of whatever kind pertaining to any undertaking or business mentioned in sub-section (1); (i) the claim or entitlement, if any, of Esso to payment out of the moneys declared and paid to the Administrator under the Abandoned Properties and Management Act, 1975 (XX of 1975), by the trustees of the provident fund established by Esso for the benefit of its employees; (j) any suit, application or other legal proceeding instituted against Esso relating to the inland mechanically propelled vessel M.V Esso Ark registered in the territories which immediately before the sixteenth day of December, 1971, constituted the Province of East Pakistan; (k) any provisions or allocations of money made in the accounts of the Esso branch in Pakistan for liabilities accrued or accruing in respect of any period preceding the commencing day on account of— (i) any liability indebtedness or obligations of the kind mentioned in clause (f), (g), or (h) or sub-clause (5) of clause (d) of section 2; or (ii) any profits arising from any undertakings or business mentioned in sub-section (1). (3) The payment of the amount determined in accordance with section 9 to Esso for Esso undertakings shall not release the Federal Government from payment to Esso, or release Esso from payment to the Federal Government, of the net amount of the accounts pertaining to Esso undertakings— (i) for sums payable to and receivable from the Esso branch in Pakistan from and to Esso abroad and Esso affiliates (that is Exxon Corporation or any company of which Exxon Corporation controls directly or indirectly, fifty per cent or more of the voting shares) with respect to products and services; and (ii) for sums payable to and receivable from Esso undertakings from and to the other business and undertakings of Esso in Pakistan with respect to the moneys pertaining to or arising out of the one being utilized for the purposes of the other.

Effective date: 1976-01-01

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