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Gazprom Neft: results of the year 2006

JSC Gazprom Neft’s consolidated oil production (taking into account a 50% share of Slavneft) was 44,4 million tons in 2006. Self production of the company was 32,7 million tons of oil.

In 2006 Gazprom Neft acquired a right to use resources of three licensed fields. Two of them – Doobsky and Novorossisky oil fields - are located in the Krasnodar region, and the third Ujhno-Toraveisky is located in the Nenets Autonomous District.

JSC Gazprom Neft’s oil refining increased by 38% in 2006 in comparison with 2005 and now it is 24 million 359 thousand tons. This result was achieved due to the increase in the Omsk oil refinery to 16 million 275 thousand tons as well as due to the beginning of oil refining on terms of processing in Slavneft’s factories – Slavneft- Yaroslavnefteorgsintez and the Yaroslav oil refinery.

In the Moscow oil refinery Gazprom Neft refined 3,2 million tons of oil that shows a 3% increase in comparison with 2005.

Gazprom Neft continued a development of her own sales net. The major purchase in 2006 was CJSC Munai-Mirza and LLC Alians-Oil-Azia which involve the net of 74 fuel stations in Kirgistan, 8 self owned and 3 rented petroleum depots, 2 storehouses for oil products. Gazprom Neft set up an associated company LLC Gazprom Neft-Azia to manage assets in the Kirgizia Republic.

In May 2006 Gazprom Neft acquired 100% of SN- Tsentrnefteprodukt which holds fuelling stations in Moscow and the Moscow region from Slavneft. Moreover, Gazprom Neft bought 14 fuelling stations located in the Central Region and performed under the E-Petrol brand from JSC RK-Gazsetservis.

Besides, JSC Gazprom Neft won a tenant right for construction of 30 filling stations in Saint-Petersburg .

JSC Gazprom Neft’s capital investments were 39,2 billion roubles in 2006, the main part of them (36,5 billion roubles) was invested in oil production. In 2007 the company is planning to increase significantly capital investments in subsidiary enterprises. The main part of investments will go into production enterprises. In comparison with 2006 investments into the Omsk oil refinery will be increased. Capital investments into oil products providing enterprises will be increased in twice.

An important event for Gazprom Neft in 2006 was an approval of the Oil Business Development Strategy till 2020 by Gazprom’s Board of Directors.

The further integration with the business of the main shareholder JSC Gasprom will give Gazprom Neft an access to additional resources and will create the basis for the main production indicators further growth.

According to the Resolution of Gazprom’s Board of Directors of September 27 JSC Gazprom neft will operate as a vertically integrated oil company with upstream and downstream assets. The Company will conduct its operational activities independently and finance its projects using its own means.