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Rosneft Oil Company

July 18, 2006

Rosneft President completes his working visit to the Vankor field

On July 18, 2006, Rosneft President Sergei Bogdanchikov completed his working visit to the Vankor field. During his visit, Mr. Bogdanchikov held a meeting on progress on the Vankor project, at which the results of the performance of Vankorneftís business plan over the first six months of 2006 were summed up, the plans for the development of the Vankor fieldís infrastructure in the second half of 2006 were considered, and the anticipated results of the 2006 business plan were reviewed. Rosneftís Vice-Presidents Stavsky, Valitov and Borisenko also took part in the meeting.

Vankorneftís General Director, Evgeny Popov, made a presentation. He said that the target for the first six months had been met in full, that the increase in reserves per meter of exploratory drilling totaled 1,607 tons, that 350 linear km. of 2D seismic exploration works had been conducted, that 5 exploratory wells were being drilled, 2 multiple-well platforms had been prepared for production drilling and that drilling had commenced. 30,000 tons of freight and 7,000 tons of main pipes were imported during the navigation season.

He commented that the main objectives for the second six months of this year are to meet the target of the growth in reserves and participate in the tender for the Lodochny licensed area, to continue geological exploration and design and survey works and ensure that the target of 20,500 meters in the production drilling program is met.

The company intends to start holding tenders for contract works in the near future, to continue capital construction works and the supply of materials and machinery to the works, and to commence the first phase of construction of the airport in Igarka. The 2006 business plan allocates 120 million rubles in capital investments in the airportís reconstruction.

At the same time, Mr. Popov commented, Vankorneft intends to conduct a number of measures in the second half of 2006 aimed at the economic assessment of each stage of the projectís implementation, the development of the layout of field facilities and the resolution of personnel issues.

The meeting participants also considered issues of control over the implementation of the program for the development of a resource base for the Turukhansk Regionís social infrastructure and work on a development concept for the town of Igarka.

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