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Rosneft Oil Company

February 7, 2007

Coordination committee for cooperation between Rosneft and Sinopec meets for the first time

On February 5, 2007, the coordination committee for cooperation between Rosneft Oil Company and China Petroleum & Chemical Corporation (Sinopec) met for the first time in Moscow under the chairmanship of Rosneftís First Vice President Nikolay Borisenko and Sinopecís Senior Vice President Zhang Yao Cang. The committee, which is comprised of six representatives from each company, is designed to help implement the framework agreement on strategic cooperation that was signed by Rosneft and Sinopec in November 2006.

During the meeting, the parties discussed a wide range of issues, including those related to cooperation in the areas of exploration and development of oil and gas fields, oil refining and manufacturing of petrochemical products, as well as marketing of crude oil. The parties have approved individual members of the three respective work groups.

Regarding cooperation in oil and gas exploration and development, Rosneft and Sinopec addressed the progress achieved to date and future plans at their joint projects - the Veninksy block (Sakhalin-3 project), ??? Udmurtneft and the Adaysky block in Kazakhstan. Rosneft and Sinopec also agreed to conduct talks on fields and blocks that are of interest in order to further expand cooperation in exploration and hydrocarbon production in Russia and other countries.

During discussions on cooperation in oil refining and petrochemicals, the parties reviewed a proposal by Sinopec to establish a joint venture at northern China.

In discussing possible expanded cooperation in marketing crude oil, the parties highlighted efforts underway to sign a contract on railway deliveries of crude oil to China through Mongolia. Rosneft and Sinopec have both expressed their desire to continue negotiations with Russian, Chinese and Mongolian railways to establish universally acceptable crude oil transport tariffs for this route.




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