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Rosneft Oil Company

May 24, 2005

Rosneft publishes its RAS accounts

Rosneft has completed preparation of its consolidated 2004 RAS (Russian Accounting Standards) financial statements (not taking into account Yuganskneftegaz activity).

According to its accounts, the company’s consolidated net profits increased by 32.6% during the reporting period, to 31.7 billion rubles. Net profits per ton of raw materials extracted increased by 23.5%.

Consolidated sales profits (net) rose by 27.4% to 133.3 billion rubles, pre-tax profits increased by 30.1 % to 41.8 billion rubles.

At the meeting held at the end of April, Rosneft’s Board of Directors recommended that the annual meeting of shareholders (based on 2004 results) announce annual dividends of 1,755.28 million rubles as earnings per share for 2004 (10% of Rosneft’s net profits last year).

In 2004, Rosneft purchased a 99.99% share in Baikalfinancegroup, allowing it to gain control of Yuganskneftegaz (this company’s data is not included in the accounts on the basis of Item 2.7 of Methodical Instruction on Preparing and Presenting Consolidated Financial Statements No. 112, approved by the RF Ministry of Finance on December 30, 1996). Rosneft also purchased a 100% share in Losiem Commercial, thus acquiring total control over Yeniseineft, the founder of Vankorneft, which is developing the promising Vankor deposit in the Krasnoyarsk Territory. Rosneft also increased its stake in the Rosneft-Tuapse Refinery to 81.5 %.

Rosneft produced 21.6 million tons of oil and gas condensate and 9.4 billion cubic meters of gas in 2004 – an increase of 10.2% and 34.3% respectively over 2003 levels. The increase in production was achieved from the drilling of new wells at the Gamburtsev Swell and the Bagansky group of oil fields by Severnaya Neft, and drilling in the Kynsky field by Selkupneftegaz. Production also increased from Rosneft-Sakhalinmorneftegaz’s drilling of the Odoptu-More deposit, and Grozneftegaz’s commissioning of reconstructed wells.

Independent estimates of reserves by DeGolyer & M?cNaughton revealed an increase in Rosneft’s proven oil reserves (taking into account Yuganskneftegaz reserves) of 287.1% to total 1,268.6 million tons of oil.

The company’s consolidated RAS financial statements can be viewed at Rosneft’s official site.




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