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Shareholders Agree on Basic Principles for Management of the Moscow Refinery

Moscow, March 12, 2003. The main shareholders of the Moscow Refinery have signed an agreement outlining terms and conditions governing their joint management of the enterprise.

Under the accord, shareholders will together develop solutions for operating the refinery, while ensuring transparency and financial and commercial accountability.

The parties, based on their ownership of ordinary shares, will also form a new management structure for the refinery with significantly broader authority.

All of the points covered by this agreement will be incorporated into the Moscow Refinery’s corporate charter, as well as statutes covering shareholder meetings, the board of directors, and the general director, and other internal documents. With this goal in mind, the parties have agreed to call an extraordinary shareholder meeting to jointly approve the updated versions of these fundamental documents

This accord resolves all commercial disputes between the parties.

For the remainder of 2003, deliveries of crude oil to the Moscow Refinery will be carried out in proportion to shareholders’ ownership of ordinary shares in the enterprise.