Rosneft has taken important decisions as part of the principal stage of TNK-BP integration, as a result of which the united Company improved efficiency of its corporate structure and introduced uniform performance standards.

Rosneft Management Board cancelled standards of corporate governance in effect in TNK-BP and approved uniform policies and standards for the entire structure of Rosneft, which come into force and apply to the united company from this point on.

Rosneft President and Chairman of the Management Board Igor Sechin continued to form a new efficient governance structure for HQ and Company’s subsidiaries by making a number of appointments. HRM decisions have been taken solely to step up requirements for the Company’s management, strengthen their responsibility, efficiency and professionalism.

With this in view, Rosneft faced the following staff changes:

• Rosneft First Vice President Eduard Khudaynatov, who has a solid experience with the Company and high competence in operating activities, will oversee production operations. Sergey Brezitsky, who used to oversee the business area, stepped down;
• Vice President Vlada Rusakova, a recognized top manager in the Russian gas industry, has been appointed to oversee Rosneft gas operations;
• Artem Prigoda, who used to be Sibur Director of the Corporate Reorganization Project, has been appointed Advisor to President of the Company – Director of Planning, Performance Management, Development and Investments in Development and Production Department in the rank of Vice President. Former Director Nikolay Ivanov quit the Company;
• Sergey Mikhailov has been appointed Director of Procurement Department and Central Tender Committee. Former Director Olga Malyshkina quit the Company;
• Marcus Cooper, a former BP top manager with considerable experience in the field, has been appointed Director of Oil and Petroleum Product Trading. His experience will allow Rosneft to develop uniform business approaches both in foreign and domestic markets. Denis Nyrkov, who used to be Director General of RN-Aero and showed his outstanding performance in the jet fuel market, became his first deputy. Former Director Elena Alekseyeva quit the Company;
• Arkady Kuznetsov, a descendant from a family of oilmen, has been appointed Director General of OJSC Orenburgneft;
• Khasan Tatriev, an efficient manager, who used to be Director General of OJSC RN-Ingushneft, a Rosneft subsidiary, has been appointed Director General of OJSC Samotlorneftegaz.

“This way, our Company has completed the principal stage of integration and formed the Company’s governance structure upon acquisition of TNK-BP. Today, given the scale of the corporate development, we introduce a uniform policy and standards based on present-day operating principles in order to enhance production performance, transparency and openness of the Company’s operations and gain maximum returns for Rosneft’s shareholders,” Igor Sechin said.