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Rosneft Oil Company

March 22, 2006

Rosneft establishes an integrated service drilling company

Rosneft has established a new subsidiary – RN-Burenie. The new company has been created on the basis of Rosneft’s existing service enterprises to optimize the structure of management of core drilling assets and as part of the process of consolidation of the company’s main subsidiaries.

At the initial stage, RN-Burenie will combine the service companies owned by Rosneft’s subsidiaries: Purneftegaz-Burenie (owned by Rosneft-Purneftegaz), Krasnodarneftegaz-Burenie and Krasnodarneftegaz-Sibir (owned by Rosneft-Krasnodarneftegaz). The new company will also comprise the service facilities of the Nogliki Drilling Works Department of Rosneft-Sakhalinmorneftegaz. In future, it is planned that the drilling subdivisions of Grozneftegaz, Rosneft-Dagneft and Dagneftegaz will also become part of the structure of RN-Burenie.

The first phase of the restructuring of Rosneft’s service assets should be complete by the end of June this year. An integrated employee incentive system, which will at the very least retain in full the social guarantees provided to company employees in their previous jobs, is currently being created within RN-Burenie.

It is planned that RN-Burenie will render up to 50% of the services required by Rosneft. The company’s share of Russia’s drilling services market will comprise roughly 6%, making Rosneft-Burenie one of Russia’s largest service companies.

 

 

 

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