Deputy General Director of JSC Gazprom Neft Vadim Yakovlev Elected New Chairman of NIS' Board of Directors

On Friday, July 31, 2009, Gazprom Neft CFO and Deputy Chairman of the Management Board Vadim Yakovlev was elected Chairman of the Board of Directors by the Board of Directors of the Serbian NIS controlled by JSC Gazprom Neft. The election is connected with the Serbian company’s entrance into a new stage of development. Vadim Yakovlev’s arrival represents a further strengthening of NIS’ management team in the context of the company’s transition from the stage of integration to the stage of growth and business efficiency enhancement.

Vadim Yakovlev’s vast professional experience will contribute to building up of a more effective system of cost saving and investment and economic processes optimization in NIS. Preliminary financials for 2Q09 prove the company’s management to have chosen a right development line. Vadim Yakovlev’s goal is to ensure that a further commitment to the key principles of growth and efficiency of Gazprom Neft as a majority shareholder proceeds.

After six months of performing his duties as the Advisor to the General Manager of Gazprom Neft, Dmitriy Malyshev completed performance of integration tasks as the Chairman of NIS’ Board of Directors. Dmitriy Malyshev will keep on working with Gazprom Neft at other projects.

Commenting on his election, Vadim Yakovlev noted: “We face a challenge to make a qualitative leap forward in the company’s business development to secure reinforcement of NIS’ position as a regional branch leader. I am ready to do my best so that the professional and well coordinated performance of the Board of Directors could turn one of the key factors in the future success of the Serbian company”.