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(1) Where a contractor enters into an agreement to dispose of all or part of the interest of that contractor directly or indirectly under a petroleum agreement, the Corporation shall have a pre-emption right to acquire the interest on the same terms as agreed with the potential buyer.

(2) Where the consideration agreed is not in monetary terms, the Corporation may pay the corresponding monetary value of that consideration.

(3) Where a contractor has entered into an agreement to dispose of all or part of the interest of that contractor under a petroleum agreement, the contractor shall notify the Minister, the Commission and the Corporation immediately of the consideration and other terms agreed.

(4) The Corporation shall notify the contractor of the election of the Corporation to exercise the pre-emption right within ninety days of the receipt of the notification.