The Rosneft Board of Directors met on November 26 to review the progress report on the Company’s 2010 financial and business plan.
The meeting found that the Company’s business expectations for 2010 regarding the production plan will be fully realized according to the approved business plan.
In addition to the progress report on the 2010 financial and business plan, the Board of Directors reviewed a progress report on the Tuapse Refinery expansion project. The Board approved the plan to establish the Eastern Petrochemical Company (Vostochnaya Neftekhimicheskaya Kompaniya) in the vicinity of Nakhodka, Primorsky Territory, with a capacity of 10 million tons per annum, as well as the construction preparation plan for the facility. Another project approved by the Board was the construction of a modern refinery in Grozny with a capacity of up to 1 million tons per annum.
Additionally the Board of Directors approved changes in the Company’s management board. In particular, Mr Gani Gilaev, acting Vice President, became its new member.