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Rosneft Oil Company

June 5, 2006

Rosneft shareholders approve consolidation at Extraordinary General Meetings

Extraordinary general meetings of shareholders of Rosneft, Rosneft-Krasnodarneftegaz, Rosneft-Purneftegaz, Rosneft-Sakhalinmorneftegaz, Rosneft-Stavropolneftegaz, Yuganskneftegaz, Severnaya Neft, Selkupneftegaz, Rosneft-Komsomolsk Refinery, Rosneft-Tuapse Refinery, Rosneft-Arkhangelsknefteprodukt, Rosneft-Nakhodkanefteprodukt and Rosneft-Tuapsenefteprodukt were held Friday, June 2, 2006. At each of these meetings, shareholders considered key terms and related documentation for their corporate restructuring through the consolidation of the above subsidiaries into Rosneft as proposed on April 17, 2006.

According to preliminary tallies of the results, the majority of votes in all of the subsidiaries have been cast in favor of the consolidation based on the proposed share conversion ratios. Approximately 99% of voting shareholders in Rosneft’s refinery and retail subsidiaries - Komsomolsk and Tuapse refineries, Arkhangelsknefteprodukt, Nakhodkanefteprodukt and Tuapsenefteprodukt - voted for the consolidation with an estimated quorum of 85%.

Vote counting in Rosneft’s larger exploration and production subsidiaries, some of which have thousands of shareholders, are in process. Preliminary results also indicate the majority of votes are in favor of the proposed consolidation; final results will be announced within 15 days in accordance with Russian legislation.

At an additional extraordinary joint general meeting, shareholders of Rosneft and the above subsidiaries also approved amendments and addenda to be introduced to the preamble of the Company’s charter, which will make Rosneft the successor of the consolidated subsidiaries. All meetings were conducted through proxy votes.

Approval by minority shareholders of Rosneft’s proposed restructuring is a key milestone in the process of creating a unified, vertically-integrated oil and gas company of world class standards. The consolidation will result in reduced costs, more efficient management, increased effectiveness of capital investments and better performance from Rosneft in general. A unified Rosneft will allow the Company to move away from intra-group sales and transfer pricing, which will minimize legal, tax and other risks associated with the Company’s operations. The consolidation process and resulting simplified corporate structure will also facilitate Rosneft’s access to the capital markets, thereby improving the financing terms available to the Company as it continues to invest in its leading development and exploration portfolio.

 

 

 

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