Page:United States Statutes at Large Volume 94 Part 1.djvu/712

 94 STAT. 662

PUBLIC LAW 96-294—JUNE 30, 1980 (1) assurance that the quality of the synthetic fuel purchased meets standards for the use for which such fuel is purchased; (2) assurances that the ordered quantities of such fuels are delivered on a timely basis; and (3) such other assurances as may reasonably be required. (c) Each purchase agreement, or commitment to enter into a purchase agreement, shall provide that the Corporation retain the right to refuse delivery of the synthetic fuel involved upon such terms and conditions as shall be specified in the purchase agreement. (d) The Corporation is authorized to take delivery of synthetic fuel pursuant to a purchase agreement and, subject to section 172(d), to sell such synthetic fuel. In any case in which the Corporation accepts delivery of and does not sell such synthetic fuel to a person, such synthetic fuel may be purchased by the Federal Government for use by an appropriate Federal agency. Such Federal agency shall pay the prevailing market price, as determined by the Secretary of Energy, for the product which such S3aithetic fuel is replacing from sums appropriated to such Federal agency for the purchase of fuel. (e) The Corporation is authorized to transport and store and have processed and refined any s.vnthetic fuel obtained pursuant to a purchase agreement under this section. JOINT VENTURES BY THE CORPORATION

42 USC 8736.

SEC. 136. (a) Prior to the approval of a comprehensive strategy pursuant to section 126(c), the Corporation is authorized, on such terms and conditions as the Board of Directors may prescribe, to commit to, or to enter into joint ventures for synthetic fuel project modules. In the selection of a concern or concerns for a joint venture and in the negotiation of a joint venture agreement pursuant to this section, the Corporation may, to the extent that the Corporation does not have available sufficient capability for evaluation or management of the proposed joint venture, utilize personnel of the Department of Energy, pursuant to section 171(a)(9), to the extent that such personnel have technical expertise related to the technical matters associated with such selection and negotiation. In a joint venture the Corporation may undertake the construction and operation of a synthetic fuel project module only by contract: Provided, however, That the Corporation shall not finance more than 60 per centum of the total costs of the synthetic fuel project module, as estimated by the Corporation as of the date of execution of the joint venture agreement. (b) Any joint venture shall be restricted to a synthetic fuel project module which, in the judgment of the Board of Directors, will— (1) demonstrate the commercial feasibility of a technology for the production of synthetic fuel from a significant domestic resource which offers potential for achievement of the national synthetic fuel production goal set forth in section 125; and (2) can, at the same site, be expanded into a synthetic fuel project. (c) With regard to any joint venture, the initial contract may provide for purchase pursuant to such joint venture agreement of the equity interest of the Corporation in such joint venture by the participating concern, or concerns, after an appropriate interval, not to exceed five years after the date of operation of a synthetic fuel project module. The purchase price set forth in the joint venture agreement shall be established by the Board of Directors: Provided,

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