On November 14, 2005, managers and specialists from Rosneft and its subsidiaries will start studying for a corporate MBA — International Business in the Oil and Gas Industry — at the international business school of the Moscow State Institute for International Relations’ International Institute for Energy Policy and Diplomacy and the Norwegian Business School (Bodo Graduate School of Business).

The official MBA program opening ceremony was held on November 11, and a Memorandum of Further Cooperation was signed.

The ceremony was attended by Russia’s Deputy Minister for Foreign Affairs, Alexander Yakovenko; Rosneft President Sergei Bogdanchikov; Norway’s ambassador to Russia ?yvind Nordsletten; the Rector of the Moscow State Institute for International Relations of Russia’s Ministry of Internal Affairs Anatoly Torkunov; the Rector of the Regional University of Bodo (Norway), Professor Frode Mellemvik; the Director of the International Institute for Energy Policy and Diplomacy of the Moscow State Institute for International Relations Valery Salygin; and Dean of the Bodo Graduate School of Business, Professor Pedersen.

Also in attendance at the ceremony were those Rosneft employees who will be studying for the MBA, as well as the program organizers from Rosneft and the Moscow State Institute for International Relations’ International Institute for Energy Policy and Diplomacy.

Rosneft’s management is certain that the MBA program is of particular value to the company as a forward-looking business dedicated to the systematic and all-round development of its employees.