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Rosneft Oil Company

December 19, 2019

Rosneft Oil Company Board of Directors approved Financial and Operational Plan for 2020-2021

The Board of Directors of Rosneft Oil Company approved financial and operational plan for 2020-2021.

Based on the actual operational and financial performance for 9M 2019 and forecast for Q4 2019, the Company is anticipated to execute its plan for 2019. 

In 2019, the Company focused on developing its operations, introducing advanced hydrocarbon production and crude oil refining technologies, improving operational efficiency and optimizing operating costs. During 2019 record-high dividends were paid for 2018 and H1 2019 totaling 283 billion rubles.

As part of the crude oil supplies diversification, the Company continued increasing export shipments in the Eastern direction. At the same time petroleum products sales via retail channels in the Russian domestic market in 9M 2019 increased by 10% YoY.

The Rosneft financial and operational plan for 2020-2021 is aimed at delivering the key objectives of Rosneft-2022 Strategy, achieving the hydrocarbon production targets, while maintaining a leadership in terms of unit OPEX and CAPEX, ensuring HSE compliance, social accountability with a balanced financial structure. The Company's investments are aimed at achieving for production growth rate targets, ensuring timely commissioning of major upstream projects, refinery modernization projects, and introducing of digital solutions and innovative technologies along the entire value chain of Rosneft.

2020-2021 priorities are improving operating efficiency, increasing shareholder return as well as the Company investment attractiveness. Moving towards achieving that goals, Rosneft intends to increase shareholder return compared to 2019 level amid persisting global markets volatility.

Besides, the Company's Board of Directors reviewed the results of a Board performance independent assessment carried out by an external consultant Ernst & Young.

The Board performance assessment was conducted on the results of a questionnaire survey and individual interviews with the Board members and the Corporate Secretary, as well as analysis of public and internal documents, Minutes and follow-up documents of the Board of Directors and Board Committees meetings.

The external consultant rated high the Board of Directors practices and issued a report which identified potential areas for improvement.

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