On August 24-25, Sergei Bogdanchikov paid a working visit to the Krasnodar Territory and the Nefteyugansk Region.

During his visit, the head of Rosneft visited the town of Tuapse, and inspected a number of production facilities belonging to the Rosneft-Tuapse Refinery and Rosneft-Tuapsenefteprodukt. In particular, at the Tuapse Refinery, Mr. Bogdanchikov inspected works on the plant’s modernization, visited the thermal power plant, examined the AT-1 and AT-2 units and the prospective building site for the AT-3 unit and the stabilization unit. At Tuapsenefteprodukt, he inspected the combined highway bridge, the first launch complex of Railway Overpass No. 1, the Railway Overpass No. 3 construction site, and Administrative Building No. 1.

In addition, Mr. Bogdanchikov held two meetings with the Tuapse Refinery and Tuapsenefteprodukt management to discuss the 2005 business plan, in particular the expected results of the companies’ activity during the first 8 months, as well as tasks to be completed before the end of the year. Also on the agenda was the draft 2006 business-plan and certain strategic long-term proposals.

After visiting Tuapse, Sergei Bogdanchikov went to Sochi where he held a meeting with the Krasnodar Territory Governor. Having completed his Krasnodar Territory visit, he left for the Nefteyugansk Region.

During his visit to Yuganskneftegaz on Thursday, August 25, Sergei Bogdanchikov announced the results of the ‘Top Professional’ contest and participated in the award ceremony. He also held a number of business meetings with the management of Yuganskneftegaz and other subsidiaries.

In particular, he held a meeting with the general directors, chief engineers and deputy economics managers of Rosneft’s subsidiaries to discuss the expected results of the companies’ activities over the first 8 months of 2005, and their objectives up to the end of the year.

A number of meetings were also held at the Yuganskneftegaz office, at which the management discussed the top-priority tasks aimed at cost-cutting and enhancement of efficiency, as well as issues of increasing the efficiency of production activities through the introduction of modern exploration and development technologies.

Mr. Bogdanchikov returned to Moscow the same day.