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Rosneft Oil Company

July 1, 2008

The President of Rosneft participated in the 19th World Petroleum Congress

On June 30 — July 1, 2008, Sergey Bogdanchikov, the President of Rosneft Oil Company and the Chairman of the Russian National Committee of the World Petroleum Council, took part in the 19th World Petroleum Congress. the Congress uniting more than 60 countries was dedicated to a highly topical matter: «A World in Transition: Delivering Energy for Sustainable Growth».

Speaking at the Congress, the President of Rosneft said that Russian oil export pipeline capacity will increase from 1.6 to 2.2 bln barrels and gas export capacity will rise from 200 to 300 bcm in 10 years. Mr. Bogdanchikov also stated that Russia was expanding its hydrocarbon export capacity considering the growing world energy demand.

The President of Rosneft also forecasted that Russian crude oil output would grow to 4.0 bln barrels by 2015 and 4.4 bln barrels by 2030, while Russian gas production was expected to reach 750 bcm by 2015 and 880 bcm by 2030.

«The partnership between Russian and foreign companies should develop on the basis of the mutually beneficial cooperation including participation in share capital, asset exchange (in Russia and abroad) and implementation of joint projects aimed at creating effective integrated chains including production, transportation, refining, and marketing stages», — Mr. Bogdanchikov said also adding that: «Such agreements are possible only in the case of understanding and respect of mutual interests.»

According to Rosneft President, the strategic goal of the Russian oil & gas industry set by the Russian Government is increasing production of higher value-added products such as petroleum and gas processing products and petrochemicals.

«Statements by the key representatives of the Russian Government concerning the importance of creating additional stimulus for the development of the Russian refining sector allow expecting further steps in this direction. and that is a real opportunity for foreign companies interested in Russian resources», — Mr. Bogdanchikov said.

Moreover, Mr. Bogdanchikov reported that Rosneft elaborated certain measures to ensure its stability in the potentially volatile price environment. «First of all, our guarantor is the successful full-chain business: from oil resources to refining and marketing of petroleum products. Furthermore, our business plan is based on the conservative oil price scenario.» Mr. Bogdanchikov specified that Rosneft's budget envisaged oil prices of USD 65-70 per barrel through 2015, and USD 80-85 through 2020.

According to Mr. Bogdanchikov, Rosneft's long-term strategy also envisages further development of its business segments that are not directly dependent on hydrocarbon prices, such as polyethylene and polypropylene production. By 2020, these outputs may account for 20-30% of the Company's total production.

Sergey Bogdanchikov also reported that Rosneft was considering options to set up a joint venture in Eastern Europe that would be able to efficiently operate a complete process chain-production, refining, and, possibly, transportation. Rosneft President specified that the Company had informed EU officials about the initiative. At the same time he provided no details as to that project since it is at a very early stage. Mr. Bogdanchikov added that the Company was also developing several production and refining projects in Asia.

In addition, Sergey Bogdanchikov commented on the decreasing crude oil production in Russia. Rosneft President believes that this trend is only temporal and will be eliminated once the new tax regime is effected: «the 1% decrease in crude output clearly shows we are somewhere midway between the stabilization period and further production growth. I have every confidence that the former will not last long — crude oil production will definitely continue growing».

In his speech Mr. Bogdanchikov also mentioned that Russia was planning to host a WPC event in 2014: «the upcoming congress in 2011 will take place in Qatar and we are using our best endeavors to secure national and international support for the 2014 WPC in Russia.»




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