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Rosneft Oil Company

October 12, 2006

Rosneft Board of Directors summarizes Company results for January—September 2006

At a regular meeting on October 10 in Moscow, Rosneft’s Board of Directors confirmed the results of its operations and business activities for the first 9 months of 2006.

With respect to the same period in 2005, in the first 9 months of 2006, the Company increased oil production by 8.4% and gas production by 7.2%. These increases were significantly ahead of average industry growth. In total, Rosneft produced 59.4 million tons of oil and gas condensate (0.4% above the planned level) and 10.1 billion cubic meters of gas (0.4% above the planned level). Average daily oil production during the first 9 months of 2006 stood at 217,700 tons versus the planned level of 216,800 tons and the 200,800 tons per day produced during the same period in 2005. Production growth was the result of an increased average well-flow from 13.9 tons per day to 15 tons per day, which includes an average increase at new wells from 76.6 tons per day to 105.4 tons per day.

In the first 9 months of 2006, approximately 3,700 work-over operations were performed, which resulted in an additional 6.1 million tons of oil produced — an increase of 39% over the figure for the same period in 2005.

In the first 9 months of 2006, the Company sold 40.2 million tons of crude oil and gas condensate, which is 21.9% higher than during the same period in 2005. This increase is primarily due to increased oil and gas condensate deliveries to the Caspian Pipeline Consortium (a 2.3-fold increase), the De-Kastri port (a 1.67-fold increase, which includes oil from Sakhalin-1), and to China (a 2.1-fold increase).

In January—September 2006, 17.7 million tons of the Company’s oil were refined at Russian refineries (a 10.8% increase over the same period in 2005). At the Company’s own refineries, 8 million tons of oil were refined (an increase of 3.6% over the same period in 2005). At third-party refineries 9.6 million tons of oil were refined (an increase of 17.7%), and 0.1 million tons of oil were refined at mini refineries (an increase of 1.4%).

A total of 17.2 million tons of oil products were sold in January—September 2006, an 8.5% increase over the first 9 months of 2005. Exports accounted for 9.9 million tons of oil product sales (103.9%, of the figure for the same period in 2005), and 7.3 million tons were sold to the domestic market (115.5% of the figure for the same period in 2005). The Company’s marketing network sold 4.65 million tons of oil products.




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