Document:

Exhibit 10.1

                                    AGREEMENT

                         for establishing a credit line

                                      # 250

                              Kazkommertsbank OJSC

                                       and

                               Karakudukmunay JSC

<PAGE>

This Agreement has been signed in the city of Almaty on May 6, 2002.

by and between
--------------

     (1)  Kazkommertsbank OJSC in the person of the Deputy Chairman of the Board
          Mr. A. L. Dautov acting on the basis of Power of attorney # 490 dated
          January 31, 2002, and

     (2)  Closed joint-stock company Karakudukmunay in the person of the
          Administrative Manager Mr. U. B. Khairov acting on the basis of the
          unnumbered Power of Attorney dated April 30, 2002,

hereinafter collectively referred to as "the Parties"

ARTICLE 1. Definitions
----------------------
1.1.     The terms used in this Agreement shall have the following meaning:

Bank                          Open Joint-Stock Company Kazkommertsbank
----

Company                       (a) the person having concluded this Agreement
-------                       with the Bank, Close joint-stock company
                              Karakudukmunay (hereinafter referred to as "the
                              Borrower") and

                              (b) the person(s) indicated in Appendix # 1 to the
                              Agreement (all together and each separately)
                              having acceded to the Agreement for receiving the
                              Credit Line (hereinafter referred to as "the
                              Affiliated persons"), all together [subparagraphs
                              (a) and (b)] and each separately;

Agreement                     this  Agreement  for  establishing  a credit line
---------                     (including  the  Accessorial Agreements, all
                              together and each separately);

Accessorial Agreement         (a) agreement(s) [concluded between the Bank and
---------------------         the Company in the form established by the Bank in
                              the context of the Agreement and being an integral
                              part of the Agreement] determining terms and
                              conditions of granting the Credit Line (method and
                              procedure of granting the financing, purpose,
                              amount, term, rate of compensation (interest),
                              commissions, procedure of repayment of the debt,
                              etc.) and

                              (b) agreement(s) concluded between the Bank and
                              the Company beyond the Agreement, but included by
                              them into the context of the Agreement and being
                              an integral part of the Agreement [indicated in
                              Appendix # 2 to the Agreement], all together
                              [subparagraphs (a) and (b)] and each separately;

Credit Line                   financing provided by the Bank for the Company
-----------                   under the terms and conditions of the Agreement in
                              the forms of credits, overdrafts, transactions
                              with notes, leasing, bank guarantees, security,
                              letters of credit, issuing payment cards, and
                              other forms of financing (crediting);

Term of the Credit Line       the time, not later than at the expiry of which
-----------------------       all sums of the Debt are to have been paid by the
                              Company to the Bank;

Limit                         the maximum amount of the Credit Line;
-----

<PAGE>

Period of Availability        period of time, during which the Company may
----------------------        utilize the Credit Line;

Revolving                     possibility of the Company to repeatedly utilize
---------                     the Credit Line subject to the Limit and the
                              Period of Availability;

Available Resources           the Limit during the Period of Availability less
-------------------           the amount of the Credit Line used by the Company
                              (unpaid to the Bank);

Loan                          amount of the Credit Line used by the Company
----                          (unpaid to the Bank) (including [but not limited
                              to the following amount of]: credits, overdrafts,
                              leasing received by the Company; letters of credit
                              opened by the Bank; guarantees, security provided
                              by the Bank; notes guaranteed and/or accepted by
                              the Bank; used credit limit on payment cards
                              issued by the Bank, etc.);

Obligations                   obligations and liabilities of the Company under
-----------                   the Agreement - all together and each separately;

Security                      means of ensuring fulfillment of the Obligations
--------                      of the Company provided for by the Agreement
                              and/or other agreements (including, but not
                              limited to those indicated in Appendix # 3 to the
                              Agreement);

Debt                          amount of (a) the Loan (principal debt) [including
----                          but not limited to: credits, overdrafts, leasing
                              received by the Company; letters of credit opened
                              by the Bank; guarantees, security provided by the
                              Bank; notes guaranteed and/or accepted by the
                              Bank; used credit limit on payment cards issued by
                              the Bank, etc.]; (b) compensation (interest)
                              charged, commissions for risks, forfeit (fine,
                              penalties), payments provided for by the Bank
                              Tariffs; (c) any other commissions and payments to
                              be paid by the Company to the Bank under the terms
                              of the Agreement;

Default                       assertion by the Bank of a fact of:
-------                       (a) occurrence of any circumstances jeopardizing
                              proper fulfilment of the Obligations by the
                              Company, and/or (b) breach by the Company of any
                              Obligation, when any of the Bank's rights provided
                              for in Article 5.1 of the Agreement arise;

Cross-default                 arising of any right of the Bank similar to the
-------------                 Bank's rights under the Agreement arising in the
                              event of Default (provided for in Article 5.1 of
                              the Agreement) with regard to any other, not
                              relating to the Agreement, transactions (concluded
                              between the Bank and the Company and effective
                              when the Bank asserts the Company's Default under
                              the Agreement).

1.2. Unless the context implies otherwise, any singular words in the Agreement
     shall also mean plural and vice versa, whereas the words referring to
     persons shall mean both legal entities and individuals.

<PAGE>

ARTICLE 2. Credit Line
----------------------

2.1. The Bank establishes the Credit Line for the Borrower subject to the
     following terms and conditions:

     (a)  the Limit of USD 33,000,000.00 (thirty three million dollars 00
          cents), including:
          (1)  revolving part of 3,000,000.00 (three million dollars 00 cents);
          (2)  non-revolving part of 30,000,000.00 (thirty million dollars 00
               cents);

     (b)  the Term of the Credit Line of 5 (five) years from May 6, 2002, to May
          6, 2007, including:
          (1)  term of the revolving part of the Credit Line, 4 (four) years
               from May 6, 2002, to May 6, 2006;
          (2)  term of the non-revolving part of the Credit Line, 3 (three)
               years from May 6, 2002, to May 6, 2005;

     (c)  the Period of Availability of 3 (three) years, including:
          (1)  for the revolving part of the Credit Line, 3 (three) years;
          (2)  for the non-revolving part of the Credit Line, up to 1 (one)
               month;

     (d)  _______________ of the amount of the Limit for use in the form of
          overdrafts with the Period of Availability up to _______________;

     (e)  _______________ of the amount of the Limit for use on payment cards
          issued by the Bank; on terms of security, fixed term, repayment, and
          compensation.

2.2. Considering that the Borrower:

     (a)  applied to the Bank with a request to extend the Agreement to the
          Affiliated persons and to grant the Credit Line to the Affiliated
          persons subject to the same terms that to the Borrower;

     (b)  unconditionally and irrevocably assumes full joint responsibility to
          the Bank on obligations of any and all of the Affiliated persons under
          the Agreement and empowers the Bank to make demands on the obligations
          of any and all of the Affiliated persons under the Agreement
          (including on any of the Accessorial Agreements) directly to the
          Borrower and to collect the Security in the event of violation of the
          Obligations by either the Borrower itself, or by any of the Affiliated
          persons;

     (c)  agrees that the Bank and any of the Affiliated parties is empowered to
          conclude, within the framework of the Agreement, Accessorial
          Agreements (including additional agreements to the Accessorial
          Agreements), which shall be an integral part of the Agreement, without
          participation and notification of the Borrower;

     (d)  undertakes to consider any outstanding obligations of any and all of
          the Affiliated parties under the Agreement to be its own,

     the Bank grants to the Affiliated persons are right to use the Credit Line
     within the same limits and subject to the same terms of the Agreement that
     to the Borrower.

2.3. The Credit Line shall be granted to the Company (the Borrower and the
     Affiliated persons) by means of concluding an appropriate Accessorial
     Agreement. The following conditions are compulsory (unless the Bank
     determines otherwise) for granting the Credit Line by the Bank to the
     Company:

     (a)  application of the Company to the Bank with an appropriate request for
          granting the Credit Line not less than 3 (three) months before the
          proposed date of concluding the corresponding Accessorial Agreement;

     (b)  proper fulfilment of the existing Obligations by the Company;

     (c)  providing by the Company of all documents required by the Bank
          (including but not limited to notarised copies of the Company's
          foundation documents, resolutions of authorized bodies of the Company
          concerning conclusion of the Agreement (or accession to it) and
          providing the Security, any other documents confirming usage of the
          Credit Line for the purpose specified only and financial status of the
          Company);

     (d)  providing by the Company and/or third parties of the Security
          satisfying the Bank's requirements to ensure fulfilment by the Company
          of all its Obligation arising from the Agreement (Borrower [including
          obligations of the Borrower on full joint responsibility before the
          Bank for all Affiliated persons] and Affiliated persons);

     (e)  positive resolution of the authorized bodies of the Bank concerning
          granting the Accessorial Agreements based on the results of
          examination of the appropriate application from the Company.

<PAGE>

ARTICLE 3. Use of the Credit Line for the Purposes Specified
------------------------------------------------------------

3.1. The Credit Line shall be granted to the Company for purposes not
     conflicting with the requirements of the legislation of the Republic of
     Kazakstan. The specific purposes of the Loan shall be determined in the
     Accessorial Agreement.

ARTICLE 4. Rights and obligations of the Bank and the Company
-------------------------------------------------------------

4.1. The Bank shall be entitled:

     (a)  to collect (withdraw), without any notification or dispute, in any
          currency (regardless of the currency of the Loan) any amounts of the
          Debt (including outstanding) of the Company under the Agreement (any
          Accessorial Agreements) [including (but not limited to) the following
          amounts: the Loan, compensation (interest), forfeit (fine, penalties),
          commissions for risks, other commissions provided for by the Agreement
          and also by the Bank's Tariffs in effect when the corresponding
          transaction is effected (hereinafter "the Bank Tariffs"), losses and
          expenses relating to (caused by) any breach by the Company of any
          obligation under the Agreement] by way of direct debiting the
          Company's accounts with Kazkommertsbank OJSC, and also by way of
          presentation, to bank accounts of the Company (the Borrower and/or the
          Affiliated parties) established with any banks (organizations
          exercising any particular types of banking operations, and other
          credit organizations) in the Republic of Kazakstan and abroad, of
          payment orders executable without acceptance or other documents
          necessary for collection (withdrawal) of the money without acceptance
          and/or dispute. The payment order of the Bank shall be executed for
          the amount of money actually deposited on the bank account of the
          Company (the Borrower and/or the Affiliated parties) indicated in it,
          and for collection (withdrawal) of the entire sum of money indicated
          in the Bank's payment order, in the event of insufficiency of the
          money, the Bank's payment order shall be kept in the File to the bank
          account. In the event of collection of the money without acceptance in
          any currency other that the currency of the Loan, conversion of the
          collected money into the currency of the Loan shall be effected, at
          the Bank's option, at the rate established by the Bank for buying or
          selling of the collected currency or currency of the Loan;

     (b)  to request and obtain from the Company all necessary information,
          including that of the financial status of the Company, to check on its
          financial and economical situation, usage of the Loan for the purpose
          specified, availability and condition of the Security, to demand that
          auditor's confirmation of the information provided be presented, and
          to independently assign (at the Company's expense) audit of the
          Company in the event of the Default;

     (c)  to suspend or cease granting the Credit Line (to annul the Limit)
          unilaterally;

     (d)  to refuse to grant the Credit Line in the event of failure to fulfil
          any of the conditions stipulated in Article 2.3. of the Agreement;

     (e)  to demand that any transactions executed by the Company in defiance of
          the provisions of the Agreement be annulled or nullified;

     (f)  to revise (reduce), at any time and at its own discretion, the limit
          of overdrafts indicated in subparagraph (d), Article 2.1. of the
          Agreement, including the event of decline in the credit turnover
          (without taking into consideration crediting resources, temporary
          financial assistance, and payments inside the company) on the current
          accounts of the Company with Kazkommertsbank OJSC

     (g)  to assign any rights and obligations under the Agreement (any of the
          Accessorial Agreements) to any third party (parties) without the
          Company's consent.

<PAGE>

4.2. The Company shall be entitled:

     (a)  to repay the entire debt under the Agreement (including under any of
          the Accessorial Agreements) or any part of it to the Bank before the
          maturity date, providing that there are no written objections of the
          Bank, subject to payment of the compensation (interest) for the actual
          time of using the Loan and the commission for the advanced repayment
          of the Loan (as specified in paragraph (a), Article 7.1. of the
          Agreement), having the Bank notified of that 10 operational days prior
          to the proposed date of effecting such advanced repayment.

     (b)  The Borrower and Affiliated persons are entitled to fulfil each
          others' obligations under the Agreement by way of transferring to the
          Bank of corresponding sums of money.

4.3. The Company shall be obliged:

     (a)  to use the Loans in accordance with the purpose specified and to
          render maximal assistance to the Bank in verification of their usage
          for the purpose specified;

     (b)  to notify the Bank immediately in writing of any circumstances that
          can negatively affect the regular (normal) economic activities of the
          Company, repayment of the Loan in due time, payment of the
          compensation (interest) and any other payments provided for by the
          Agreement, including:

               -    detection of a threat (possibility) of liquidation,
                    bankruptcy, or reorganization of the Company from: (i)
                    authorized governmental agencies, or (ii) creditors of the
                    Company, or (iii) participants (shareholders) of the
                    Company, or (iv) any third parties;

               -    distraining by third parties upon the Company's property
                    and/or its bank accounts with any banks (organizations
                    exercising any particular types of banking operations, and
                    other credit organizations);

               -    receiving claims and writs sent to the Company by third
                    parties with regard to hearings in any state or arbitration
                    courts [including (but not limited to): concerning
                    collecting money or property from the Company, recognition
                    of ownership of the Company's property, revoking the
                    Company's license, nullification or rescinding of any
                    transactions concluded by the Company with third parties
                    and/or the Bank);

     (c)  not to effect voluntary liquidation and/or reorganization in any form
          and not to establish, by itself or jointly with any third persons, any
          other legal entity without prior obtaining a written consent of the
          Bank to effecting such (similar) actions;

     (d)  not to conclude pledge agreements, loan agreements (including credit
          agreements) with any third persons, not to present any guarantee or
          security; not to encumber its assets (fixed assets and other
          property), current and future income, not to distribute any net income
          received if there is an outstanding debt under the Agreement, not to
          alienate any fixed assets (immovable property and equipment) to any
          third parties in any form whatsoever [including (but not limited to):
          founder's contributions to authorized funds of legal entities being
          established, or payment for purchasing stock or share in the
          authorized fund of any legal entity), not to alter its foundation
          documents without prior obtaining a written consent of the Bank to
          effecting such (similar) actions;

     (e)  to ensure that all the money to be received by the Company from any
          transactions are deposited only on the bank accounts of the Company
          with Kazkommertsbank OJSC;

     (f)  to present to the Bank a full list of all bank accounts of the Company
          with all banks (organizations exercising any particular types of
          banking operations, and other credit organizations) on the territory
          of the Republic of Kazakstan and abroad, and also information on
          existence and amount of the Company's debt to them, to inform, without
          delay, the Bank in writing of any alterations and/or amendments made
          to the foundation documents (including those made as a result of
          re-registration), of establishing new bank accounts with any banks
          (organizations exercising any particular types of banking operations,
          and other credit organizations) on the territory of the Republic of
          Kazakstan and abroad (indicating the number of such account and the
          name of the bank), and also of any changes of its mailing details,
          legal address, composition of participants (shareholders) of the
          Company and bodies of the Company (executive, control, etc.);

<PAGE>

     (g)  to properly fulfil all additional (including financial) obligations
          specified in Appendix # 4 to the Agreement;

     (h)  not to assign any rights and obligations under the Agreement (any
          Accessorial Agreement) to any third party (parties) without prior
          obtaining a written consent of the Bank;

     (i)  at the first inquiry of the Bank, to provide the latter with:

               -    any documents necessary to check on the Security, whether
                    the Loan is used for the purpose specified, and whether the
                    Company observes the environmental regulations;

               -    contracts, agreements, and covenants with all attachments
                    and additional agreements to them (including those being the
                    bases for concluding an Accessorial Agreement);

               -    financial information (balance sheets, reports of the
                    results of financial and economic activities, cash flow
                    reports, etc.), reports of audits and auditing commissions,
                    and also any other information of financial and economic
                    nature and documents allowing to obtain information relating
                    to financial status of the Company and its using the Loan;

     (j)  to inform the Bank, without delay, in writing of occurrence of any
          circumstances, due to which (as a result of which) the Bank may assert
          the Company's default;

     (k)  to effect all payments to the Bank relating to repayment of the debt
          under the Agreement without deducting any sums of money from them
          (including sums of the withholding tax) and, if effecting such
          deductions is compulsory, to increase the amounts of money payable to
          the Bank under the Agreement by the extent of such deductions;

     (l)  to reimburse the Bank for all, without exception, losses and expenses
          caused by violation of the environmental regulations by the Company;

     (m)  to include into all bank account agreements that are or will be
          concluded by the Company with any other banks (organizations
          exercising any particular types of banking operations, and other
          credit organizations) a clause that any unsatisfied (due to
          insufficiency of money on the bank account) payment orders of the Bank
          should be placed in the File and stored for one year;

     (n)  not to reduce the average monthly credit turnover (without taking into
          consideration crediting resources, temporary financial assistance, and
          payments inside the company) on the current accounts of the Company
          with Kazkommertsbank OJSC, the amount of which is determined by the
          Bank.

ARTICLE 5. Liabilities under the Agreement
------------------------------------------

5.1. If any of the following events occurs:

     (a)  breach by the Company (the Borrower and/or any of the Affiliated
          parties) of any of its obligations under the Agreement (any of the
          Accessorial Agreements); and/or

     (b)  ascertainment by the Bank of the fact that the Company does not have
          money sufficient to fulfill all and/or current and/or regular
          obligations of the Company under the Agreement; and/or

     (c)  if the Company and/or any of the third parties providing the Security
          are involved in any law proceedings with the amount of the suit
          constituting a considerable, in the Bank's opinion, value, and/or if
          the Company's property and/or any of its bank accounts is distrained
          or collected, or a real threat of that exists; and/or

     (d)  ascertainment by the Bank of a threat to fullness and/or timeliness of
          fulfillment by the Company of its obligations under the Agreement,
          including, but not limited to any of the following events: suspected
          voluntary or forced bankruptcy or liquidation or reorganization of the
          Company and/or any of the third parties providing the Security;
          occurrence of death or missing of any participant or shareholder of
          the Company or a member of an individual (or a head of a collective)
          executive body of the Company; imposing a preventive punishment in the
          form of restraint upon any of the persons indicated in this
          subparagraph; departure of any of the persons indicated in this
          subparagraph from the Republic of Kazakstan for permanent residence;
          the Bank's lack of information of location of any of the persons
          indicated in this subparagraph; the information of composition of
          participants or shareholders of the Company and/or executive and/or
          any other body of the Company presented by the Company to the Bank is
          contrary to fact; the Company does not have a properly, that is in
          accordance and foundation documents of the Company, elected (or

<PAGE>

          appointed) executive and/or any other body; any changes in the
          composition of the executive and/or any other body of the Company
          and/or participants or shareholders of the Company without a prior
          approval of the Bank; and/or

     (e)  if the Company and/or a third party (surety, guarantor) have not
          provided, within the period appointed by the Bank, the Security
          stipulated by the Agreement and/or any other agreement, or violated
          any of their obligations under the Security agreements (including, but
          not limited to property pledge agreements, guarantees and/or surety
          provided, etc.) and/or

     (f)  if the Company failed to pay to the Bank any amounts of money under
          the Agreement (any Accessorial Agreement) in time and/or fully; and/or

     (g)  if the Company violated any of its obligations to any third parties to
          a considerable, in the Bank's opinion, amount; and/or

     (h)  if the Company used and/or is using the Loan not for the purpose
          specified; and/or

     (i)  if the Company presented inadequate financial statements or inadequate
          information with regard to its income and/or availability (condition)
          of the Security; and/or

     (j)  if the Company violated any of the guarantees specified in Article 8
          of the Agreement,

then the Bank may assert the Company's Default and shall acquire the following
rights:

     (i)   to demand that the Company should, before the appointed time (within
           a period named by the Bank), fulfill all its obligations under the
           Agreement (Accessorial Agreement): to repay the full amount of the
           Loan, to pay the compensation (interest) charged, as well as any
           other sums of the debt under the Agreement; and/or

     (ii)  to collect the Security (exercise its rights with regard to the
           Security); and/or

     (iii) to assert the Company's Cross-Default (that is, exercise the same
           rights that the Bank acquires under the Agreement in the event of the
           Default with regard to all other transactions, not related to the
           Agreement, concluded between the Bank and the Company); and/or

     (iv)  to demand that the Company should transfer to the Bank money in the
           amount fully covering any obligations existing as of the date of the
           Default or possible in the future:

          (a)  of the Bank, assumed by the latter to any third parties under the
               Agreement (Accessorial Agreements) [including but not limited to:
               letters of credit opened by the Bank; guarantees, security
               provided by the Bank; notes guaranteed and/or accepted by the
               Bank; payment cards issued by the Bank, etc.] for the Bank to
               form a coverage (reserve) on all such obligations of the Bank to
               the third parties, and also

          (b)  of the Company to the Bank under the Agreement, and/or

     (v)  to effect withdrawal (collection) of the corresponding amounts of
          money without acceptance and dispute by way of direct debiting the
          Company's accounts with Kazkommertsbank OJSC, and also by way of
          presentation, to bank accounts of the Company (the Borrower and the
          Affiliated parties) established with any banks (organizations
          exercising any particular types of banking operations, and other
          credit organizations) in the Republic of Kazakstan and abroad, of
          payment orders executed without acceptance or other documents (not
          requiring acceptance by the Company) that are necessary for collection
          (withdrawal) of the money without acceptance and/or dispute with a
          view to forming a cover (reserve) for obligations of the Company to
          the Bank under the Agreement and for the obligations assumed to any
          third parties under the Accessorial Agreements concluded by the Bank
          with the Company

5.2. In the event of a breach by the Company of any of its non-financial
obligations, and also in the event of violation by the Company and/or third
parties (including surety and guarantors) of any obligations concerning
providing the Security (including in the event of evasion (i) of conclusion
and/or registration of the property pledge agreement, or (ii) of providing
guarantee or surety, or (iii) of fulfillment of the obligation on effecting
payments relating to the conclusion and/or registration (re-registration) of the
pledge agreements and/or additional agreements to them with authorized agencies
and/or authorized persons, etc.),

<PAGE>

the Company shall pay to the Bank a penalty (fine) in the amount of _____ % of
the sum of the Limit (Article 2.1 subparagraph (a) of the Agreement) for each
day of the violation.

5.3. Reimbursement for the expenses and losses and payment of the forfeit (fine,
penalty) shall not release the Company from its liability to fulfill the broken
Obligation in due course.

5.4. Liability of the Borrower and the Affiliated parties to the Bank on any of
there obligations arising out of the Agreement shall be full and collective. In
this regard, the Bank shall be entitle to demand that the Obligations should be
fulfilled by both the Borrower and the Affiliated parties together, and each of
them separately, both in full and as regards the Debt.

5.5. Liability of the Company under the Agreement shall not be limited by
occurrence of force-majeure circumstances.

5.6. The Security provided to the Bank by the Company and/or the third parties
assures fulfillment of all Obligations of the Company (the Borrower and the
Affiliated parties) under the Agreement.

5.7. In the event of violation of obligations on payment of any of the
commissions provided for by Article 7.1. of the Agreement, the Company pays to
the Bank a penalty (fine) in the amount of _____% of the outstanding payment for
each day of the delay.

5.8. In the event of violation of obligations on payment of any of the
commissions provided for by Article 7.2. of the Agreement, the Borrower pays to
the Bank a penalty (fine) in the amount of _____% of the outstanding payment for
each day of the delay.

ARTICLE 6. Repayment procedure
------------------------------

6.1. The Company shall effect repayment of the Loan and payment of the
     compensation (interest), commission for risks and other payment by way of
     transferring the money to the Bank within the time and in the amount
     specified in the Agreement (including the corresponding Accessorial
     Agreement).

6.2. Repayment by the Company of the debt under the Agreement shall be effected
     in the following sequence:
     (1)  sum of the payments provided for by the Bank Tariffs and/or the
          Agreement;
     (2)  sum of the commission for risks;
     (3)  sum of the compensation (interest);
     (4)  sum of the Loan [including (but not limited to): credits, overdrafts,
          leasing received by the Company; letters of credit opened by the Bank;
          guarantees, security provided by the Bank; notes guaranteed and/or
          accepted by the Bank; used credit limit on payment cards issued by the
          Bank, etc.].

     In the event of occurrence of any outstanding debt on repayment of the Loan
     and/or payment of the compensation (interest) charged and/or the
     commissions, the debt of the Company under the Agreement shall be repaid in
     the following sequence:
     (1)  sum of expenses and losses of the Bank under the Agreement, including
          those provided for in Article 7.3. of the Agreement;
     (2)  sum of the payments provided for by the Bank Tariffs and/or the
          Agreement;
     (3)  sum of the forfeit (fine, penalty);
     (4)  sum of the commission for risks;
     (5)  sum of the compensation (interest);
     (6)  sum of the Loan [including (but not limited to): credits, overdrafts,
          leasing received by the Company; letters of credit opened by the Bank;
          guarantees, security provided by the Bank; notes guaranteed and/or
          accepted by the Bank; used credit limit on payment cards issued by the
          Bank, etc.].

     However, the Bank shall be entitled to determine and apply, at its own
     discretion, any other sequence of repayment of the debt of the Company
     under the Agreement.

<PAGE>

6.3. In the event of delay by the Company of payment of any sum of the Loan
     and/or compensation (interest) and/or commission and/or forfeit (fine)
     under the Agreement (including any of the Accessorial Agreements), the Bank
     reserves the right to suspend charging the Loan, compensation (interest),
     commission, and forfeit (fine) in accordance with its internal documents.
     Subsequently, after fulfillment by the Company of its obligations of
     payment of the debts under the Agreement, the outstanding Obligations of
     the Company shall be fixed in accordance with the provisions of the
     Agreement (the corresponding Accessorial Agreement) without taking the
     suspension period into consideration, unless the Bank determines otherwise
     in writing.

6.4. In the event of any change of:
          -    financial and/or credit market; and/or
          -    conditions and/or sources of attraction and/or formation and/or
               placement by the Bank of credit and/or deposit and/or any other
               financial resources [including, but not limited to: (i) adoption
               of corresponding resolutions by the legislative agencies of the
               Republic of Kazakstan or by the Government of the Republic of
               Kazakstan, or by the National Bank of the Republic of Kazakstan,
               and/or (ii) any adverse for the Bank change of the rate of
               refinancing and/or exchange rate (rates) of any foreign currency
               (currencies) to tenge, and/or indices of inflation, devaluation,
               rise in price of the deposit and/or any other financial resources
               attracted by the Bank, etc.]

     the Bank reserves the right to unilaterally alter any terms and conditions
     of the Agreement (all Accessorial Agreements) [including, but not limited
     to: rate of compensation (interest), amount of forfeit (fine), commissions]
     on the expiry of 10 (ten) days from the date of sending by the Bank of a
     written notification (hereinafter "the written notification") to the
     address of Company. In this case the Company shall either (i) accept the
     new terms and conditions of the Agreement (all Accessorial Agreements), or
     (ii) within 10 (ten) days of the date of sending the written notification
     by the Bank to the Company fully repay to the Bank the entire amount of the
     debt under the Agreement before the appointed date (without paying the
     commission for the advanced repayment indicated in paragraph (a), Article
     7.1 of the Agreement), except for repayment of the debt under the
     Accessorial Agreements relating to assuming by the Bank obligations to
     third parties [including but not limited to: letters of credit opened by
     the Bank; guarantees, security provided by the Bank; notes guaranteed
     and/or accepted by the Bank; payment cards issued by the Bank, etc.] that
     may be repaid before the appointed date only subject to a written consent
     of the Bank, and, if the Bank objects to repayment of the debt under such
     Accessorial Agreements before the appointed date, the Company shall be
     obliged to accept the new terms and conditions of the Agreement. Unless the
     Company exercises the right to advanced repayment of the debt, the new
     terms and conditions of the Agreement shall come into force and become
     binding upon the Company and the Bank on the expiry of 10 (ten) days from
     the date of sending by the Bank of the written notification to the Company,
     which shall be an integral part of the Agreement.

6.5. In the event of returning by the Bank to the Company of all or part of the
     money deposited by the Company to the Bank in tenge as coverage of a letter
     of credit and/or guarantee, payment on which should have been made in a
     foreign currency or in tenge in the amount equivalent to a certain sum in
     the foreign currency, such returning shall be effected by the Bank in tenge
     within the limits of the sums of money actually deposited by the Company to
     the Bank without taking into account its equivalent in the foreign currency
     as of any date.

6.6. Unless the Bank determines otherwise in writing, the amounts of forfeit
     (penalty, fine) and commission under the Agreement shall be charged in the
     foreign currency (in which the Loan was granted), whereas payment to the
     Bank of the sums of forfeit (penalty, fine) and commissions under the
     Agreement shall be effected by the Company in tenge in the amount
     calculated at the rate of selling of the foreign currency (in which the
     Loan is granted) as of the date of payment, respectively, of the forfeit
     (penalty, fine) and the commissions established by Kazkommertsbank OJSC
     taking into account the Bank's commission for conversion of the amounts of
     forfeit (penalty, fine) and commissions from tenge into the foreign
     currency (in which the Loan is granted).

<PAGE>

ARTICLE 7. Commissions and expenses (losses)
--------------------------------------------

7.1. The Company is obliged:

     (a)  to pay to the Bank commission for advanced repayment of the Loan (any
          part of it) in the amount of _____ % of the sum of the Bank's
          outstanding compensation (interest) under the corresponding
          Accessorial Agreement within a ten day period of the date of the
          advanced repayment of the Loan (any part of it). The above commission
          shall not be charged under any Loans granted by the Bank for a period
          less than six months;

     (b)  to pay to the Bank commission for prolongation of the Accessorial
          Agreement in the amount of _____ % of the prolonged sum within a ten
          day period of the date of each prolongation.

7.2. The Borrower is obliged:

(a)  to pay to the Bank commission for organization of establishing the Credit
     Line in the amount of _____ % of the Limit (subparagraph (a), Article 2.1
     of the Agreement) within a _____ day period of conclusion of the Agreement;

(b)  to pay to the Bank commission for obligation in the amount of _____ % per
     year of the non-revolving part of the Limit unused by the Company
     (subparagraph (a), Article 2.1 of the Agreement), which shall be paid by
     the Borrower not later the _____ day of each month, beginning from the date
     of conclusion of the Agreement, until the expiry of the corresponding, for
     the non-revolving part of the Limit, Period of Availability (subparagraph
     (c), Article 2.1. of the Agreement).

7.3.  The Company is obliged, within a five day period of receiving a
      corresponding instruction from the Bank, to reimburse the latter for the
      following expenses and losses:

     o    payments for registration of notices of non-fulfillment of
          obligations, notices of auctions of the pledged property;

     o    payments for publication of notices in the press and other mass media
          (including those of auctions of the pledged property, commencement of
          bankruptcy proceedings, advertising of the pledged property, etc.);

     o    payment for notary services on verification of authenticity of copies
          of the Agreement (all Accessorial Agreements) enclosed when presenting
          the payment orders to the Company's bank accounts by the Bank;

     o    payment of expenses of registration (re-registration) of the pledge
          agreements with authorized agencies, organizations, and persons;

     o    traveling expenses of the Bank's employees when they travel for:
          (1)  settlement of issues relating to fulfillment of the Obligations
               by the Company;
          (2)  assessment, verification of availability and safety of the
               pledged property;
          (3)  any other aspects relating to implementation of the pledge
               agreements;

     o    payment of expenses relating to assessment and storage of the pledged
          property (including payments for public utilities, lease, etc.);

     o    payments for the services of third parties (including storage of the
          pledged property, auditing, assessment);

     o    any other expenses and losses incurred by the Bank due to violation of
          the Obligations by the Company (including when collecting any amounts
          of debt under the Agreement from the Company by the Bank).

The expenses and losses of the Bank shall be collected in addition to the
amounts of forfeit (fine, penalty) and need to be confirmed by appropriate
documents.

<PAGE>

ARTICLE 8. Guarantees
---------------------

8.1. The Company guarantees to the Bank that:

     (a)  the Company is a legal entity properly established and legally
          existent in accordance with the laws of the place of its state
          registration, possesses unlimited legal capacity to acquire rights and
          bear liabilities under the Agreement, and also all necessary licenses
          (permissions) to exercised any activities financed under the
          Agreement, and observes all established environmental regulations;

     (b)  conclusion of the Agreement by the Borrower and acceding of the
          Affiliated parties to the Agreement for obtaining the Credit Line does
          not conflict with the foundation documents of the Company, the current
          legislation of the Republic of Kazakstan and the legislation of the
          place of incorporation of the Company, any other transactions
          concluded by the Company with any third parties; is approved by the
          bodies of the Company authorized by its foundation documents and also
          by any other third parties, including governmental agencies (if
          obtaining such approval is required by the law). If, subsequently, the
          Bank requires that the Company should submit the documents and/or
          perform certain actions to confirm the approval of conclusion by the
          Company of the Agreement and the Security agreements by the bodies of
          the Company and the third parties (including governmental agencies),
          such documents will be submitted and actions performed by the Company
          within the time appointed by the Bank;

     (c)  the Company and the third parties providing the Security are not in
          the stage of bankruptcy, rehabilitation, reorganization, liquidation,
          and that the competent bodies do not have applications for execution
          of such actions;

     (d)  the Company is not involved into any legal proceedings as a defendant
          (co-defendant) on any claims for a total amount exceeding 100,000 US
          Dollars;

     (e)  that the debt of the Company on taxes and any other obligatory
          payments to the budget does not exceed and will not exceed in the
          future 5,000,000 tenge;

     (f)  that the foundation documents of the Company, composition of its
          management bodies and of the participants and/or shareholders of the
          Company will not be changed without prior obtaining a written consent
          of the Bank;

     (g)  that there are no obligations that can negatively affect the business
          of the Company, its financial and economic status, property and paying
          capacity;

     (h)  that the Security provided by the Company and/or the third parties
          properly exists, executed in accordance with the requirements of the
          legislation, and that there is no threat of its losing, destruction,
          or annulment. The third parties providing the Security comply with all
          the provisions specified in Article 8 of the Agreement;

     (i)  fulfillment of the Obligations under the Agreement will be effected by
          the Company prior to any other obligations to any third parties, and
          the Company will not assume any obligations to any third parties that
          can negatively affect its capacity to fulfill its obligations under
          the Agreement properly and promptly, or otherwise infringe upon the
          Bank's interests under the Agreement;

     (j)  there are no violations by the Company of any obligations to any third
          parties on any transactions;

     (k)  the consent granted by the Company to the Bank to collection by the
          Bank of any amounts of the Company's Debt under the Agreement, without
          acceptance and dispute, by way of direct debiting the Company's bank
          accounts with Kazkommertsbank OJSC, and also by way of presenting
          payment orders, to be executed without acceptance, to the bank
          accounts of the Company established with any banks (organizations
          exercising any particular types of banking operations, and other
          credit organizations) on the territory of the Republic of Kazakstan
          and abroad, is irrevocable and perpetual.

<PAGE>

ARTICLE 9. Miscellaneous terms and conditions
---------------------------------------------

9.1. Any notification or request required or drawn up in the context of the
     Agreement for the Bank or the Borrower shall be presented in a written
     form. Such notification or request shall be considered properly presented
     or sent when delivered personally or by post to the following address:

      For the Bank:
      -------------
      Open Joint-Stock Company KAZKOMMERTSBANK
      Republic of Kazakstan, 480060
      Almaty, 135/H Gagarin av.
      Attn.: Mr. N. S. Subkhanberdin, Ms. N. A. Zhusupova

      For the Borrower:
      -----------------
      Close Joint-Stock Company Karakudukmunay
      Republic of Kazakstan, 466200
      Aktau, District 3, Building 82
      Attn.: Mr. N. D. Klinchev

9.2. All documents and correspondence shall be written in the Russian language.

9.3. All disputes that arise with regard to the Agreement shall be resolved
     using the substantive law of the Republic of Kazakstan and in accordance
     with the procedure provided for by the legislation of the Republic of
     Kazakstan in a court at the location of the Bank or its affiliate (at the
     discretion of the Bank).

ARTICLE 10. Final provisions
----------------------------

10.1. Any Accessorial Agreement shall be an integral part of the Agreement.
      Provisions of the Agreement shall be directly applied to all legal
      relations arising between the Bank and the Company with regard to
      conclusion and execution of the Accessorial Agreement.

10.2. In the event of any conflicts between the Agreement and any Accessorial
      Agreement, provisions of the Agreement shall have the priority and be
      applied, unless the Bank determines otherwise in writing. In the event of
      concluding an Accessorial Agreement, some of the provisions of which
      exceed the bounds established by the Agreement (for example, exceeding the
      Limit, Term of the Credit Line, Period of Availability, etc.), the
      Agreement itself and such Accessorial Agreement remain valid in full,
      unless the Bank determines otherwise in writing.

10.3. All alterations and/or amendments to the Agreement shall be executed as
      additional agreements to it to be signed by representatives of the Bank
      and the Borrower, which shall be also binding upon the Affiliated parties
      beginning from the date of their conclusion.

10.4. All notifications relating to the terms and conditions of the Agreement
      shall be sent by the Bank only to the Borrower at the address indicated in
      the Agreement.

10.5. All notifications relating to the terms and conditions of any particular
      Accessorial Agreement shall be sent by the Bank only to a party to such
      Accessorial Agreement (the Borrower or any of the Affiliated Parties
      respectively).

10.6. The Agreement is executed in 3 (three) copies having equal legal force,
      two for the Bank, one for the Borrower.

               LEGAL ADDRESSES AND BANKING DETAILS OF THE PARTIES:
               ---------------------------------------------------

BANK: Kazkommertsbank OJSC - Republic of Kazakstan, Almaty, 480060, 135/H
Gagarin av., correspondent account 900161126, MFO 190501926 in the Department of
payment systems of the National Bank of the Republic of Kazakstan, RNN
600400055239, residency code 1, economy sector code 4;

BORROWER: Karakudukmunay JSC - Republic of Kazakstan, Mangistau oblast, Aktau,
466200, District 3, Building 82, proceeds account 06467365, currency account
05070546 in Aktau affiliate of Kazkommertsbank OJSC, RNN 430600001175, residency
code 1, economy sector code 7.

<PAGE>

                           BANK                      COMPANY

                  /s/  A. L. Dautov               U.B. Khairov
                  -----------------------         -----------------------
                       A. L. DAUTOV               U. B. KHAIROV

<PAGE>

                                                   Appendix # 1

                                                   to Agreement for establishing
                                                   a credit line # 250
                                                   dated May 6, 2002

Hereby we, the underwritten, having been acquainted with the text of the
Agreement for establishing a credit line # 250 dated May 6, 2002 (hereinafter
"the Agreement") concluded between Kazkommertsbank OJSC ("the Bank") and
Karakudukmunay JSC ("the Borrower"), with a view to our obtaining financing
("the Credit Line"),

          -    fully accede to the Agreement as the Affiliated parties;

          -    announce that the Agreement does not contain any provisions that
               we (based on our reasonable interests) would like to alter or
               annul, and also confirm that in concluding the Agreement each of
               us acts of its own free will and in its interests;

          -    from the moment of signing this Appendix, are bound by the terms
               and conditions of the Agreement as the Company, including
               confirming all rights of the Bank and assuming all obligations of
               the Company provided for by the Agreement;

          -    assume full joint responsibility to the Bank for each other and
               for the Borrower on all, without exception, Obligations arising
               out of the Agreement (on any and each of the Accessorial
               Agreements);

          -    agree that the Agreement and all additional agreements to it
               shall be signed by representatives of the Borrower and the Bank
               without our participation and notification. All additional
               agreements to the Agreement concluded this way will be binding
               upon us from the date of their execution;

          -    undertake to fulfill all term and conditions of the Agreement,
               including obligations of the Company stipulated in Article 4.3.
               of the Agreement.
<TABLE>
<CAPTION>

--------- -------------------------- ---------------- ------------ ------------------------------ --------------------
<S>       <C>                         <C>             <C>          <C>                            <C>
Item No.  Name  of  the  Affiliated  Legal address    Banking      Title  of  the   manager   or  Date of signing,
          party  (legal  entity  or  (place of        details      details     of    power    of  stamp of the
          individual)                residence)                    attorney,     signature    of  Affiliated party
                                                                   representative     of     the
                                                                   Affiliated party
--------- -------------------------- ---------------- ------------ ------------------------------ --------------------

--------- -------------------------- ---------------- ------------ ------------------------------ --------------------

                           BANK                      COMPANY

                  /s/  A. L. Dautov               U. B. Khairov
                  -----------------------         -----------------------
                       A. L. DAUTOV               U. B. KHAIROV

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                                                   Appendix # 2

                                                   to Agreement for establishing
                                                   a credit line # 250
                                                   dated May 6, 2002

                                                LIST OF AGREEMENTS

                      considered to be Accessorial Agreements and included into the Agreement

------------ ----------------------------------------------- ---------------------------------------------------------
<S>          <C>                                             <C>
 Item No.    Date of conclusion, number, name of, parties    Title of the manager or details of power of attorney,
             to agreements included into the Agreement       signature of representative of the Affiliated party and
                                                             stamp (if the Affiliated party is a party to an
                                                             agreement included into the Agreement as an Accessorial
                                                             Agreement)
------------ ----------------------------------------------- ---------------------------------------------------------
------------ ----------------------------------------------- ---------------------------------------------------------
    1.       Loan  Agreement # 5319/A  dated  April  _____,  Administrative Manager
             2002, with Karakudukmunay JSC                   Mr. U. B. Khairov _______________
------------ ----------------------------------------------- ---------------------------------------------------------

                           BANK                                                COMPANY

                  /s/  A. L. Dautov                                          U. B. Khairov
                  -----------------------                                    -----------------------
                       A. L. DAUTOV                                          U. B. KHAIROV

</TABLE>

<PAGE>

                                              Appendix # 3

                                              to Agreement for establishing
                                              a credit line # 250 of May 6, 2002

 Methods of ensuring fulfilment of the Company's Obligations under the Agreement

          1.   Cash on the deposit;

          2.   Guarantees of Chaparral Resources, Inc.;

          3.   Shares of Karakudukmunay JSC belonging to Central Asian Petroleum
               (Guernsey) Limited.

On items 2 and 3 the terms of execution shall be 30 days from the date of
signing the Agreement for establishing a credit line.

                           BANK                      COMPANY

                  /s/  A. L. Dautov               U. B. Khairov
                  -----------------------         ------------------------
                       A. L. DAUTOV               U. B. KHAIROV

<PAGE>

                                              Appendix # 4
                                              to Agreement for establishing
                                              a credit line # 250 of May 6, 2002

          Additional (including financial) Obligations of the Company:

1.   Providing by the Company a written consent of Shell Capital Services
     Limited to conclusion of the Agreement for establishing a credit line
     between Kazkommertsbank OJSC and Closed joint-stock company Karakudukmunay
     with a limit of 33,000,000 (thirty three million) US dollars;

2.   Providing by the Company a written consent of The Law Debenture Trust
     Corporation p.l.s. (the Pledgee) to participation of Central Asia Petroleum
     (Guernsey) Limited (the Pledger) in the general shareholders meeting of the
     Closed joint-stock company Karakudukmunay that was held on April 19 and 20,
     2002, and also confirming the right of the Pledger to vote with the shares
     pledged under the Pledge Agreement;

3.   Signing a debt subordination agreement within 30 days of concluding this
     Agreement for establishing a credit line.

                           BANK                      COMPANY

                  /s/  A. L. Dautov               U. B. Khairov
                  -----------------------         ------------------------
                       A. L. DAUTOV               U. B. KHAIROVExhibit 10.2

                              Additional agreement
     to the Agreement for establishing a credit line # 250 dated May 6, 2002

City of Almaty                                                      May 6, 2002

1)   Kazkommertsbank OJSC hereinafter referred to as "the Bank" in the person of
     the Deputy Chairman of the Board of Directors Mr. A. L. Dautov acting on
     the basis of the Power of Attorney # 490 dated January 31, 2002, and

2)   Closed joint-stock company Karakudukmunay hereinafter referred to as "the
     Company" in the person of the Administrative Manager Mr. U. B. Khairov
     acting on the basis of the unnumbered Power of Attorney dated April 30,
     2002,

     collectively referred to as "the Parties" and separately as indicated above
     or "the Party" have concluded this Additional agreement (hereinafter
     referred to as "the Additional agreement") to the Agreement for
     establishing a credit line # 250 dated May 6, 2002 (hereinafter referred to
     as "the Agreement") on the following:

          1.   To change the definition of the term of "the Company" in Article
               1.1. of the Agreement and formulate it as follows:

               "Company         the person having concluded this Agreement
                                with the Bank - Closed joint-stock company
                                Karakudukmunay (hereinafter referred to as
                                "the Borrower")

          2.   To change the definition of the term of "the Accessorial
               Agreement" in Article 1.1. of the Agreement and formulate it as
               follows:

              "Accessorial Agreement    (a) agreement(s) [concluded between the
              ----------------------    Bank and the Company in the context of
                                        the Agreement and being an integral part
                                        of the Agreement] determining terms and
                                        conditions of granting the Credit Line
                                        (method and procedure of granting the
                                        financing, purpose, amount, term, rate
                                        of compensation (interest), commissions,
                                        procedure of repayment of the debt,
                                        etc.) and

                                        (b) agreement(s) concluded between the
                                        Bank and the Company beyond the
                                        Agreement, but included by them into the
                                        context of the Agreement and being an
                                        integral part of the Agreement
                                        [indicated in Appendix # 2 to the
                                        Agreement], all together [paragraphs (a)
                                        and (b)] and each separately;

<PAGE>

          3.   To change the definition of the term of "the Debt" in Article
               1.1. of the Agreement and formulate it as follows:

              "Debt                     the amount of (a) the Loan (principal
              -----                     debt) [including but not limited to the
                                        amounts of: credits, overdrafts, leasing
                                        received by the Company; letters of
                                        credit opened by the Bank; guarantees,
                                        security provided by the Bank; notes
                                        guaranteed and/or accepted by the Bank;
                                        used credit limit on payment cards
                                        issued by the Bank, etc.]; (b)
                                        compensation (interest) charged; forfeit
                                        (fine, penalties); payments provided by
                                        the Tariffs of the Bank; (c) all other
                                        commissions and payments to be paid by
                                        the Company to the Bank under the
                                        Agreement;"

          4.   To exclude Article 2.2. of the Agreement.

          5.   To change Article 2.3. of the Agreement and formulate it as
               follows:

          "2.3. The Credit Line shall be granted to the Company by means of
          concluding a corresponding Accessorial Agreement. The mandatory
          requirements (unless the Bank determines otherwise), fulfillment of
          which is necessary for granting the Credit Line to the Company by the
          Bank are as follows:

               (a)  applying to the Bank by the Company with an appropriate
                    request for granting the Credit Line not less than 3 (three)
                    months before the proposed date of concluding the
                    corresponding Accessorial Agreement;

               (b)  proper fulfillment of the existing obligations by the
                    Company;

               (c)  providing by the Company notarized copies of all documents
                    requested by the Bank [including but not limited to:
                    notarized copies of the Company's foundation documents;
                    resolutions of authorized agencies of the Company to
                    conclude the Agreement (or to accede to it) and to provide
                    the Security; other documents confirming use of the Credit
                    Line for the purposes specified and the financial status of
                    the Company];

               (d)  providing by the Company and/or third parties the Security
                    meeting the requirements of the Bank that would assure
                    fulfillment of all obligations of the Company arising from
                    the Agreement;

               (e)  adopting a positive resolution with regard to concluding the
                    Accessorial Agreement by the authorized bodies of the Bank
                    based on the results of examining the corresponding request
                    of the Company."

          6.   To change subparagraph (a) of Article 4.1. of the Agreement and
               formulate it as follows:

               "(a) In the event of violation by the Company of any of its
                    obligations under the Agreement, to collect (withdraw),
                    without acceptance or dispute, in any currency (regardless
                    of the currency of the Loan) any amounts of the Debt
                    (including outstanding) of the Company under the Agreement
                    (under any Accessorial Agreement) [including (but not
                    limited to) the following amounts: the Loan, compensation

<PAGE>

                    (interest), forfeit (fine, penalties), commissions
                    (including those provided for by the Bank's Tariffs in
                    effect when the corresponding transaction is effected
                    (hereinafter "the Bank Tariffs"), except for commissions for
                    risks and other commissions inapplicable to the Agreement),
                    losses and expenses relating to (caused by) any breach by
                    the Company of any obligation under the Agreement] by way of
                    direct debiting the Company's accounts with Kazkommertsbank
                    OJSC, and also by way of presentation, to bank accounts of
                    the Company (Borrower and/or Affiliated persons) established
                    with any banks (organizations exercising any particular
                    types of banking operations, and other credit organizations)
                    in the Republic of Kazakstan and abroad, of payment orders
                    executable without acceptance or other documents necessary
                    for collection (withdrawal) of the money without acceptance
                    and/or dispute. The payment order of the Bank shall be
                    executed for the amount of money actually deposited on the
                    bank account of the Company (the Borrower and/or the
                    Affiliated persons) indicated in it, and for collection
                    (withdrawal) of the entire sum of money indicated in the
                    Bank's payment order, in the event of insufficiency of the
                    money, the Bank's payment order shall be kept in the File to
                    the bank account. In the event of collection of the money
                    without acceptance in any currency other that the currency
                    of the Loan, conversion of the collected money into the
                    currency of the Loan shall be effected, at the Bank's
                    option, at the rate established by the Bank for buying or
                    selling of the collected currency or currency of the Loan;"

          7.   To change subparagraph (b) of Article 4.1. of the Agreement and
               formulate it as follows:

               "(b) to request and obtain from the Company all necessary
                    information, including that of the financial status of the
                    Company, to check on its financial and economical situation,
                    use of the Loan for the purpose specified, availability and
                    condition of the Security, to demand that auditor's
                    confirmation of the information provided be presented, and,
                    subject to agreement with the Company, to assign (at the
                    Company's expense) audit of the Company in the event of the
                    Default;"

          8.   To change subparagraph (c) of Article 4.1. of the Agreement and
               formulate it as follows:

               "(c) in the event of the Default, to suspend or cease granting
                    the Credit Line (to annul the Limit) unilaterally;"

<PAGE>

          9.   To change subparagraph (f) of Article 4.1. of the Agreement and
               formulate it as follows:

               "(f) in the event of the Default and the Cross-default, to revise
                    (reduce) the limit of overdrafts indicated in paragraph (d)
                    of Article 2.1. of the Agreement, including the event of
                    decline in the credit turnover (without taking into
                    consideration crediting resources, temporary financial
                    assistance, and payments inside the company) on the current
                    accounts of the Company with Kazkommertsbank OJSC;

          10.  To change Article 4.2. of the Agreement and formulate it as
               follows:

                    4.2. The Company shall be entitled:

                    (a)  to repay the entire debt under the Agreement (including
                         under any of the Accessorial Agreements) or any part of
                         it to the Bank before the maturity date, subject to
                         payment of the compensation (interest) for the actual
                         time of using the Loan, having the Bank notified of
                         that 10 operational days prior to the proposed date of
                         effecting such advanced repayment;
                    (b)  to repay to the Bank the entire Debt or a part of it by
                         way of transferring the money to the Bank's account by
                         third parties, subject to the requirements of the
                         existing legislation of the Republic of Kazakstan."

          11.  To change subparagraph (a) of Article 4.3. of the Agreement and
               formulate it as follows:

                    "(a) to use the Loans in accordance with the purpose
                         specified and to render maximal assistance to the Bank
                         in verification of their use for the purpose specified.
                         However, such verifications should not interfere with
                         the normal activities of the company;"

          12.  To change subparagraph (e) of Article 4.3. of the Agreement and
               formulate it as follows:

                    "(e) to ensure that all the monies to be received by the
                         Company from any transactions are deposited only on the
                         bank accounts of the Company with Kazkommertsbank OJSC,
                         except for the cases when the Bank gives a written
                         permission to transferring the money to other accounts
                         of the Company;"

          13.  To change subparagraph (i) of Article 4.3. of the Agreement and
               formulate it as follows:

                    "(i) at the first inquiry of the Bank, to provide the latter
                         with:
                              -         notarised copies of any documents
                                        necessary to check on the Security,
                                        whether the Loan is used for the purpose
                                        specified;
                              -         notarised copies of contracts and
                                        agreements with all attachments and
                                        additional agreements to them (including
                                        those serving as the basis for
                                        concluding the Accessorial Agreement);
                              -         financial information (balance sheets,
                                        reports of the results of financial and

<PAGE>

                                        economic activities, cash flow reports,
                                        etc.), reports of audits and auditing
                                        commissions, and also any other
                                        information of financial and economic
                                        nature and documents allowing to obtain
                                        information relating to financial status
                                        of the Company and its use of the Loan;"

          14.  To exclude subparagraph (l) of Article 4.3. of the Agreement.

          15.  To change subparagraph (a) of Article 5.1. of the Agreement and
               formulate it as follows:

                    "(a) breach by the Company (the Borrower and/or any of the
                         Affiliated persons) of any of its obligations under the
                         Agreement (any of the Accessorial Agreements); and/or

          16.  To change subparagraph (b) of Article 5.1. of the Agreement and
               formulate it as follows:

                    "(b) ascertainment by the Bank of the fact that the Company
                         does not have money sufficient to fulfill current
                         and/or regular obligations of the Company under the
                         Agreement; and/or"

          17.  To change subparagraph (c) of Article 5.1. of the Agreement and
               formulate it as follows:

                    "(c) if the Company and/or any of the third parties
                         providing the Security are involved in any law
                         proceedings with the amount of the suit(s) in aggregate
                         exceeding an equivalent of US$100,000 (one hundred
                         thousand) at the current exchange rate of the National
                         Bank of the Republic of Kazakstan and/or if the
                         Company's property (the value of which exceeds an
                         equivalent of US$100,000 (one hundred thousand) at the
                         current exchange rate of the National Bank of the
                         Republic of Kazakstan) and/or any of its bank accounts
                         is distrained or collected in the amount exceeding an
                         equivalent of US$100,000 (one hundred thousand) at the
                         current exchange rate of the National Bank of the
                         Republic of Kazakstan, or a real threat of that exists;
                         and/or"

          18.  To change subparagraph (g) of Article 5.1. of the Agreement and
               formulate it as follows:

                    "(g) if the Company violated any of its obligations to any
                         third parties to the amount exceeding an equivalent of
                         US$100,000 (one hundred thousand) at the current
                         exchange rate of the National Bank of the Republic of
                         Kazakstan, except for the obligations, of which the
                         Company had notified the Bank in writing by the time of
                         concluding the Agreement; and/or"

<PAGE>

          19.  To change subparagraph (i) of Article 5.1. of the Agreement and
               formulate it as follows:

                    "(i) to demand that the Company should, before the appointed
                         time (within a period named by the Bank, but not
                         earlier than 10 (ten) working days from receiving by
                         the Company the first written claim of the Bank),
                         fulfil all its obligations under the Agreement (all
                         Accessorial Agreements): to repay the full amount of
                         the Loan, to pay the compensation (interest) charged,
                         as well as any other sums of the debt under the
                         Agreement; and/or"

          20.  To change subparagraph (v) of Article 5.1. of the Agreement and
               formulate it as follows:

                    "(v) to effect withdrawal (collection) of the corresponding
                         amounts of money without acceptance and dispute by way
                         of direct debiting the Company's accounts with
                         Kazkommertsbank OJSC, and also by way of presentation,
                         to bank accounts of the Company established with any
                         banks (organizations exercising any particular types of
                         banking operations, and other credit organizations) in
                         the Republic of Kazakstan and abroad, of payment orders
                         executed without acceptance or other documents (not
                         requiring acceptance by the Company) that are necessary
                         for collection (withdrawal) of the money without
                         acceptance and/or dispute with a view to forming a
                         cover (reserve) for obligations of the Company to the
                         Bank under the Agreement and for the obligations
                         assumed to any third parties under the Accessorial
                         Agreements concluded by the Bank with the Company."

          21.  To exclude Article 5.4. of the Agreement

          22.  To exclude Article 5.5. of the Agreement

          23.  To change Article 5.6. of the Agreement and formulate it as
               follows:

               "5.6. The Security provided for the Bank by the Company and/or
               third parties shall assure fulfillment of all obligations of the
               Company under the Agreement."

          24.  To exclude Article 5.8. of the Agreement

          25.  To change Article 6.1. of the Agreement and formulate it as
               follows:

               "6.1. The Company shall effect repayment of the Loan and payment
               of the compensation (interest) and effect other payments within
               the time, in the amount, and in accordance with the procedure
               specified in the Agreement (including the corresponding
               Accessorial Agreement)."

<PAGE>

          26.  To change Article 6.2. of the Agreement and formulate it as
               follows:

               "6.2. Repayment by the Company of the debt under the Agreement
               shall be effected in the following sequence:
                    (1)  sum of the payments provided for by the Bank Tariffs
                         and/or the Agreement;
                    (2)  sum of the compensation (interest);
                    (3)  sum of the Loan [including (but not limited to the
                         amount of): credits, overdrafts, leasing received by
                         the Company; letters of credit opened by the Bank;
                         guarantees, security provided by the Bank; notes
                         guaranteed and/or accepted by the Bank; used credit
                         limit on payment cards issued by the Bank, etc.].

               In the event of occurrence of any outstanding debt on repayment
               of the Loan and/or payment of the compensation (interest) charged
               and/or the commissions, the debt of the Company under the
               Agreement shall be repaid in the following sequence:
                    (1)  sum of expenses and losses of the Bank under the
                         Agreement, including those provided for in Article 7.3.
                         of the Agreement;
                    (2)  sum of the payments provided for by the Bank Tariffs
                         and/or the Agreement;
                    (3)  sum of the forfeit (fine, penalty);
                    (4)  sum of the compensation (interest);
                    (5)  sum of the Loan [including (but not limited to the
                         amount of): credits, overdrafts, leasing received by
                         the Company; letters of credit opened by the Bank;
                         guarantees, security provided by the Bank; notes
                         guaranteed or accepted by the Bank; used credit limit
                         on payment cards issued by the Bank, etc.]. However,
                         the Bank shall be entitled to determine and apply, at
                         its own discretion, any other sequence of repayment of
                         the debt of the Company under the Agreement."

          27.  To change Article 6.4. of the Agreement and formulate it as
               follows:

               "6.4. In the event of any change of:
                    -    financial and/or credit market; and/or
                    -    conditions and/or sources of attraction and/or
                         formation and/or placement by the Bank of credit and/or
                         deposit and/or any other financial resources
                         [including, but not limited to: (i) adoption of
                         corresponding resolutions by the legislative agencies
                         of the Republic of Kazakstan or by the Government of
                         the Republic of Kazakstan, or by the National Bank of
                         the Republic of Kazakstan, and/or (ii) any adverse for
                         the Bank change of the rate of refinancing and/or
                         exchange rate (rates) of any foreign currency
                         (currencies) to tenge, and/or indices of inflation,
                         devaluation, rise in price of the deposit and/or any
                         other financial resources attracted by the Bank, etc.]

               the Bank reserves the right to unilaterally alter any terms and
               conditions of the Agreement (all Accessorial Agreements)
               [including, but not limited to: rate of compensation (interest),
               amount of forfeit (fine), commissions] on the expiry of 10 (ten)
               days from the date of sending by the Bank a written notification
               (hereinafter "the written notification") to the Company. In this
               case the Company shall either (i) accept the new terms and
               conditions of the Agreement (all Accessorial Agreements), or (ii)
               within 10 (ten) days of the date of sending the written
               notification by the Bank to the Company fully repay to the Bank

<PAGE>

               the entire amount of the debt under the Agreement before the
               appointed date (without paying the commission for the advanced
               repayment indicated in paragraph (a), Article 7.1 of the
               Agreement); the compensation shall be paid only for the actual
               time of using the Loan. Unless the Company exercises the right to
               advanced repayment of the debt, the new terms and conditions of
               the Agreement shall come into force and become binding upon the
               Company and the Bank on the expiry of 10 (ten) days from the date
               of sending by the Bank the written notification to the Company,
               which shall be an integral part of the Agreement."

          28.  To change Article 7.1. of the Agreement and formulate it as
               follows:

               "7.1. The Company is obliged:
                    (a)  to pay to the Bank commission for prolongation of the
                         Accessorial Agreement in the amount of _____ % of the
                         prolonged sum within a ten day period of the date of
                         each prolongation;
                    (b)  to pay to the Bank commission for organization of
                         establishing the Credit Line in the amount of _____ %
                         of the sum of the Limit (subparagraph (a), Article 2.1
                         of the Agreement) within a _____ day period of
                         conclusion of the Agreement;
                    (c)  to pay to the Bank commission for obligation in the
                         amount of _____ % per year of the non-revolving part of
                         the Limit unused by the Company (subparagraph (a),
                         Article 2.1 of the Agreement), which shall be paid by
                         the Borrower not later than the _____ day of each
                         month, beginning from the date of conclusion of the
                         Agreement until the expiry of a corresponding, for the
                         non-revolving part of the Limit, Period of Availability
                         (subparagraph (c), Article 2.1. of the Agreement);"

          29.  To exclude Article 7.2. of the Agreement.

          30.  To change subparagraph (b) of Article 8.1. of the Agreement and
               formulate it as follows:

               "(b) conclusion of the Agreement by the Company for receiving the
               Credit Line does not conflict with the foundation documents of
               the Company, the current legislation of the Republic of Kazakstan
               and the legislation of the place of incorporation of the Company,
               any other transactions concluded by the Company with any third
               parties; has been approved by the bodies of the Company
               authorized by its foundation documents and also by any other
               third parties, including governmental agencies (if obtaining such
               approval is required by the law). If, subsequently, the Bank
               requires that the Company should submit the documents and/or
               perform certain actions to confirm the approvals of conclusion by
               the Company of the Agreement and the Security agreements by the
               bodies of the Company and the third parties (including
               governmental agencies), such documents will be submitted and
               actions performed by the Company within the time appointed by the
               Bank;"

          31.  To change subparagraph (d) of Article 8.1. of the Agreement and
               formulate it as follows:

               "(d) the Company is not involved into any legal proceedings as a
               defendant (co-defendant) on any claims for a total amount
               exceeding 100,000 (one hundred thousand) US Dollars at the
               current exchange rate of the National Bank of the Republic of
               Kazakstan;"

<PAGE>

          32.  To change subparagraph (e) of Article 8.1. of the Agreement and
               formulate it as follows:

               "(e) that the debt of the Company on taxes and any other
               obligatory payments to the budget does not exceed and will not
               exceed in the future 5,000,000 (five million) tenge;"

          33.  To change subparagraph (h) of Article 8.1. of the Agreement and
               formulate it as follows:

               "(h) that the Security provided by the Company and/or the third
               parties properly exists, executed in accordance with the
               requirements of the legislation, and that there is no threat of
               its losing, destruction, or annulment. The third parties
               providing the Security comply with all the provisions specified
               in Article 8 of the Agreement, except for paragraphs (d), (e),
               (f), (g), (j), (k);"

          34.  To change subparagraph (i) of Article 8.1. of the Agreement and
               formulate it as follows:

               "(i) fulfillment of the Obligations under the Agreement will be
               effected by the Company prior to any other obligations to any
               third parties (except for the obligations on payments to the
               budget), and the Company will not assume any obligations to any
               third parties that can negatively affect its capacity to fulfill
               its obligations under the Agreement properly and promptly, or
               otherwise infringe upon the Bank's interests under the
               Agreement;"

          35.  To change subparagraph (j) of Article 8.1. of the Agreement and
               formulate it as follows:

               "(j) there are no violations by the Company of any obligations to
               any third parties on any transactions to the amount exceeding an
               equivalent of $100,000 (one hundred thousand) US Dollars at the
               current exchange rate of the National Bank of the Republic of
               Kazakstan, except for the violation, of which the Company had
               notified the Bank in writing by the time of concluding the
               Agreement;"

          36.  To change Article 9.3. of the Agreement and formulate it as
               follows:

               "9.3. All disputes and disagreements that arise with regard to
               the Agreement shall be resolved in accordance with the procedure
               provided for by the current legislation of the Republic of
               Kazakstan."

          37.  To change Article 10.3. of the Agreement and formulate it as
               follows:

               "10.3. All alterations and/or amendments to the Agreement shall
               be executed as additional agreements to it to be signed by
               representatives of the Bank and the Company."

<PAGE>

          38.  To change Article 10.4. of the Agreement and formulate it as
               follows:

               "10.4. All notifications relating to the terms and conditions of
               the Agreement shall be sent by the Bank to the Company at the
               address indicated in the Agreement, or any other address
               indicated by the Company."

          39.  To change Article 10.5. of the Agreement and formulate it as
               follows:

               "10.5. All notifications relating to the terms and conditions of
               any particular Accessorial Agreement shall be sent by the Bank to
               the Company at the address indicated in the Agreement, or any
               other address indicated by the Company."

          40.  To exclude Appendix # 1 to the Agreement.

          41.  To change the second line of the second column in the table in
               Appendix # 2 to the Agreement and formulate it as follows:

               "Title of the executive officer or details of the power of
               attorney, signature of the representative"

          42.  This Additional agreement shall be an integral part of the
               Agreement and shall be valid upon signing by authorized
               representatives of the Parties.

          43.  This Additional agreement is executed in three copies having
               equal legal force, two for the Bank, one for the Company.

               LEGAL ADDRESSES AND BANKING DETAILS OF THE PARTIES:
               ---------------------------------------------------

BANK: Kazkommertsbank OJSC - Republic of Kazakstan, Almaty, 480060, 135/H
Gagarin av., correspondent account 900161126, MFO 190501926 in the Department of
payment systems of the National Bank of the Republic of Kazakstan, RNN
600400055239, residency code 1, economy sector code 4;

COMPANY: Karakudukmunay JSC - Republic of Kazakstan, Mangistau oblast, Aktau,
466200, District 3, Building 82, proceeds account 06467365, currency account
05070546 in Aktau branch of Kazkommertsbank OJSC, RNN 430600001175, residency
code 1, economy sector code 7.

                           BANK                       BORROWER

                       A. L. Dautov                   U. B. Khairov
                       --------------------           --------------------
                       A. L. DAUTOV                   U. B. KHAIROV

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