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Rosneft Oil Company

October 28, 2008

Board of Directors reviewed Rosneft’s results for 1H 2008

At a meeting on October 18, Rosneft’s Board of Directors reviewed the Company’s main operating and financial results under the Russian standards for 1H 2008. The Board noted that all key objectives of the business plan for the reviewed period had been achieved.

Total oil and gas condensate production (including 50% in Tomskneft, 20% in the Sakhalin-1 project, and 100% in Udmurtneft and Polar Lights) was 54.7 mln. tonnes in 1H 2008, up 0.4% compared to the planned volume. That was attained through successful drilling of new wells, and successful well interventions at Yuganskneftegaz, Severnaya Neft, Udmurtneft and Polar Lights, as well as due to Sakhalin-1 production exceeding the planned indicator for 1H 2008. Compared to 1H 2007, liquids production increased by 18.5%, the organic growth standing at 5.6%.

Marketable gas production was 5.7 bcm., up 1.8% compared to the target, which is primarily attributable to improved production at RN-Krasnodarneftegaz, RN-Purneftegaz, Grosneftegaz and the Sakhalin-1.

In 1H 2008, Rosneft drilled and put into operation 308 production and injection wells, up 15.4% y-o-y. The new wells produced 2.65 mln. tonnes of oil and gas condensate. As of June 30, 2008, Rosneft’s operating well stock was 26,448 units.

From January through June 2008, Rosneft delivered 24.4 mln. tonnes of crude oil to its refineries and exported 28.8 mln. tonnes of crude oil. Rosneft’s refinery throughput was 24.4 mln. tonnes, with a petroleum product output of 23.4 mln. tonnes, and the average refining depth being 66.8%. Light product yield amounted to 57.4%. Rosneft produced 309,000 tonnes of oil and lubes and 401,000 tonnes of petrochemicals.

Rosneft petroleum product sales in 1H 2008 were 23.5 mln. tonnes. In addition, in the reviewed period Rosneft finalized creation of its new business segment — bunker fueling. Fuel is supplied to Russian and foreign vessels at major Russian sea and river ports. Fueling is performed pursuant to contracts with the main ship-owners (such as Stena Bulk, Thenamaris, Maersk, Sovcomflot, Navichart, BP Shipping and others) for 100,000–120,000 tonnes a month. Rosneft’s total share in the Russian bunkering market currently varies from 15 to 25% at different ports.

In 1H 2008, Rosneft had an average of 1,630 operating service stations. To expand its retail network and increase sales efficiency the Company started construction of 38 new service stations; refurbishment of 112 old stations was underway, as well as rebranding and restyling of 556 stations.

Due to perfect operating performance and favorable price environment Rosneft’s consolidated operating income before amortization under RAS reached a record of RUB 284 bln. in 1H 2008.

Apart from performance review, the Board approved several related-party transactions and changes to the Management Board: particularly, authority of vice-presidents Anatoly Baranovsky and Stepan Zemlyuk who had left Rosneft was terminated by the Board. Vice-presidents Larisa Kalanda and Sergey Makarov were elected Management Board members.




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