MARKET SURVEY. February 2011 RUSSIA'S OIL SECTOR IN TABLE OF CONTENTS CORPORATE NEWS AGENCY

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1 Interfax - CNA 2 Pervaya Tverskaya- Yamskaya Moscow, , Russia Tel. (7-499) cna@interfax.ru RUSSIA'S OIL SECTOR IN February 2011 MARKET SURVEY TABLE OF CONTENTS RUSSIA S OIL SECTOR: MAJOR TRENDS...5 Oil sector in Russia's economy... 5 Russia's economic performance... 5 Russia's oil sector via GDP... 6 Russia's oil production: major trends... 8 Oil reserves... 8 Exploration and production drilling... 9 Oil wells Trends in oil production in Russia's oil companies: oil output in Gas production by oil sector Russia s oil refining industry Primary refining Petroleum products output Gasoline Jet kerosene Diesel fuel Heating oil Russian market for oil products Major trends...40 Regional markets for gasoline Regional markets for diesel fuel Russia's exports of oil and petroleum products Crude oil export Exports of oil products Oil export: transportation issues Oil industry: regulation issues in RUSSIAN OIL MAJORS...63 LUKOIL Lukoil: structure Lukoil: overview Lukoil in : operations summary Lukoil: key financials an ratios Rosneft Rosneft: structure Rosneft: overview Rosneft in : operation summary... 73

2 Russia's Oil Sector in 2010 Rosneft: key financials an ratios TNK-BP TNK-BP: structure TNK-BP: overview TNK-BP in : operation summary TNK-BP: key financials an ratios Surgutneftegas Surgutneftegas: structure Surgutneftegas: overview Surgutneftegas in : operations summary Surgutneftegas: key financials and ratios Gazprom Neft Gazprom Neft: structure Gazprom Neft: overview Gazprom Neft in : operations summary Gazprom Neft: key financials an ratios Tatneft Tatneft: structure Tatneft: overview Tatneft in : operations summary Tatneft: key financials an ratios Slavneft Slavneft: structure Slavneft: overview Slavneft in : operations summary Slavneft: key financials an ratios Russneft Russneft: structure Russneft: overview Russneft in operations summary Russneft: key financials and ratios AFK Sistema (oil segment) AFK Sistema (oil segment): structure AFK Sistema (oil segment): overview AFK Sistema (oil segment) in : operations summary AFK Sistema (oil segment in the Republic of Bashkortostan): key financials

3 Russia's Oil Sector in 2010 LIST OF TABLES Table 1 Disparities in Reserves of Russia's Oil Companies under Russian and International Classifications9 Table 2 Production and Exploration Drilling in Russia in Table 3 Ranking of Russia's Oil Companies by Volume of Exploration Drilling in 2010, '000 meters...10 Table 4 Exploration Drilling by Russian Companies in 2010, '000 meters...11 Table 5 Ranking of Russia's Oil Companies by Volume of Production Drilling in 2010, '000 meters...12 Table 6 Production Drilling by Russian Companies in , '000 meters...13 Table 7 Russian Oil Wells Fund in Table 8 Bringing-In of New Oil Wells by Companies in Russia in , (units)...17 Table 9 Ranking of Russian Oil Companies by Oil Output in , 000 barrels...22 Table 10 Oil Production of Downstream Units of Russian Oil Companies and Medium Oil Producers in , 000 barrels...24 Table 11 Ranking of Russia's Oil Companies by Gas Output in 2010, mln cub meters...27 Table 12 Gas Output by Downstream Units of Russian Oil Companies in , mln cub meters...28 Table 13 Share of Export of Key Petroleum Products in Output in Table 14 Ranking of Russian Oil Companies by Primary Oil Refining in 2010, 000 barrels...31 Table 15 Primary Refining at Upstream Units of Russian Oil Companies and Independent Refineries in , 000 barrels...33 Table 16 Russia s of Key Petroleum Products in Output in , million barrels...34 Table 17 Ranking of Top Russian Companies by Gasoline Production in 2010, '000 barrels...36 Table 18 Ranking of Top Russian Companies by Production of Aviation Kerosene in 2010, '000 barrels..37 Table 19 Ranking of Top Russian Companies by Production of Diesel Fuel in 2010, '000 barrels...38 Table 20 Ranking of Top Russian Companies by Production of Heating Oil in 2010, '000 barrels...39 Table 21 Petroleum Products Supply to Russian Market in Jan.-Nov.2010, 000' barrels...41 Table 22 Ranking of Russia s Federal Districts by Gasoline Shipments in 2010, share in the total...42 Table 23 Ranking of Top Russia s Regions by Gasoline Shipments in 2010, share in the total...43 Table 24 Oil Refineries Shipments of Gasoline to Consumers by Regions in , 000' barrels...43 Table 25 Ranking of Russia s Federal Districts by Diesel Fuel Shipments in 2010, share in the total...45 Table 26 Ranking of Top Russia s Regions by Diesel Fuel Shipments in 2010, share in the total...46 Table 27 Oil Refineries Shipments of Diesel Fuel to Consumers by Regions in , 000' barrels46 Table 28 Russia s Crude Oil Exports in , million barrels...49 Table 29 Ranking of Russia s Companies by Oil Exports to Outside the CIS in 2010, '000 barrels...50 Table 30 Breakdown of Oil Exports by Russian Companies to Outside the CIS by Main Routes in Table 31 Russia's Non-CIS Oil Exports by Destinations in Table 32 Breakdown of Russia Crude Oil Exports to CIS by Country in Table 33 Russia s Oil Products Exports in , 000' barrels...54 Table 34 Russia s Export Markets for Gasoline by Volume in Table 35 Russia s Export Markets for Diesel Fuel by Volume in Table 36 Russia s Export Markets for Fuel Oil in

4 Russia's Oil Sector in 2010 LIST OF GRAPHS Graph 1 Russia's GDP Growth in , per cent...5 Graph 2 Russia's Oil Sector via GDP in , annual growth...7 Graph 3 Share of Idle Wells in Russia's Oil Sector in Graph 4 Ranking Russian Oil Companies by Share of Idle Wells in Graph 5 Bringing-In of New Oil Wells in Russia in , (units)...17 Graph 6 Russia s Oil Output in , mln barrels...20 Graph 7 Ranking of Russian Oil Companies by Oil Output Growth in Graph 8 Breakdown of Russia's Oil Production by Top Companies in Graph 9 Primary Refining of Oil in Russia in , mln barrels...30 Graph 10 Breakdown of Russia's Oil Refining by Top Companies in Graph 11 Russia s Output of Key Petroleum Products in , mln barrels...35 Graph 12 Sales of Petroleum Products in Russia's Market in , '000 barrels...40 Graph 13 Breakdown of Russia's Oil Exports to Outside the CIS by Main Routes in Graph 14 Breakdown of Russia's Oil Exports by Sea Ports in Graph 15 Breakdown of Russia s Oil Products Exports by Value in

5 INTERFAX - CORPORATE NEWS AGENCY Phone: Fax: cna@interfax.ru Publications Available Hard Copy or Russia s Meat and Meat Products Market in January 2011 The survey provides an insight in meat and meat products market in Russia, retail prices by key products and regions, meat and poultry farming, import penetration, major trends in meat-processing industry, regional production, key holdings as well as ranking of major producers. The survey also studies financial performance of meat-processing industry. Russia s Oil Refining Sector in November 2010 The survey provides an insight in major trends in Russia s oil refining in 2010 (primary refining, output of gasoline, jet kerosene, diesel fuel, fuel oil, lubricants by companies, regional markets for petroleum products, price trends, exports of oil products by volume and destinations) as well as financial performance of the sector. The survey covers performance downstream units of 7 Russian oil companies in 2009 (Rosneft, Lukoil, Surgutneftegaz, TNK-BP, Gazprom Neft, Russneft, Slavneft) and refining sector of AFK Sistema. Russia's Fertilizer Industry in November 2010 The survey provides an insight in major trends in development of Russia s fertilizer industry, output of nitrogen, phosphate and potash fertilizers, exports by volumes and destinations, regional production, holding's structure (EuroChem, Uralkali, Acron Holding, Phosagro, Silvinit Group, UralChem, SIBUR-Fertilizers), performance of independent producers (Togliattiazot, Kuibishevazot, Minudobreniya). The survey also studies in financial positions of Russia s fertilizer industry. Russia's Top Holdings at a Glance: Business Priorities and Key Companies. October 2010 The survey provides an insight in business models of 19 top holdings (Gazprom, Lukoil, Alfa Group, Rosneft, Renova, Basic Element, Surgutneftegaz, Severstal,

6 Norilsk Nickel, Evraz Group, AFK Sistema, Russian Technologies, Magnitogorsk Iron & Steel Works, Novolipetsk Steel, Mechel, Metalloinvest, Tatneft, TMK, Urals Metallurgical and Mining Company). The survey reveals the holdings structure, distribution of major assets by industries as well as key drivers of holdings growth. Major Russian Ferrous and Non-Ferrous Metals Holdings in October 2010 The survey provides an insight in structure, strategy and performance of 10 top holdings in their key business areas (Severstal, Evraz Holding, Novolipetsk Steel, Mechel, Magnitogorsk Iron & Steel Works, Metalloinvest, TMK, Norilsk Nickel, UC RUSAL, Urals Mining and Metals Company). Major Russian Oil & Gas Holdings in September 2010 The survey provides an insight in structure and performance of 6 top holdings in their key business areas (Gazprom, Lukoil, Rosneft, Surgutneftegaz, TNK-BP, Tatneft). Russia s Gas Industry in August 2010 The survey provides information on major trends in Russia s gas industry in H2010 (demand, gas reserves, production, exports, transportation issues, gas distribution and gasification of Russian regions, regulation of prices for natural gas, setting of domestic gas market). The survey also covers performance of top gas producing companies (Gazprom, NovaTEK, Surgutneftegas, Rosneft, Lukoil, TNK-BP). Russian Agriculture in June 2010 The survey provides information on major trends in Russia s agriculture in , regulation, export performance, import penetration, fixed-capital and foreign investments, financials, debt burden, regional production of key products, performance of key sectors (plant growing, livestock agriculture). Russian Coal Industry in May 2010 The survey provides information on major trends in the industry (reserves, production, ranking of key coal producers, regional production, transportation issues, sector's restructuring, export performance, holding's structure, major projects,) as well as recent performance of 7 top holdings and companies: SUEK, Kuzbassrazrezugol, Mechel (Yuzhny Kuzbass, Yakutugol), Evraz Holding (Raspadskaya, Yuzhkuzbassugol), Sibuglemet Severstal (Vorkutaugol), Russian Coal, SDS-Coal, Kuzbass Fuel Company, Belon. The survey also gives an insight in financial positions and debt burden of Russia s coal industry.

7 INTERFAX CORPORATE NEWS AGENCY Head of Research Dr. Igor Y. Volosov Tel.: Fax.: Internet: Interfax - Corporate News Agency has become Russia s leading provider of business, financial and risk-related information to clients doing business with Russia, CIS, Baltics, Central and Eastern Europe. Interfax-CNA's research products are widely recognized as an unbiased information source. The company cooperates closely with SPARK Database, the Economic Development and Trade Ministry, the Ministry for Industry and Energy, the State Customs Service, Federal Financial Markets Service and other key agencies. Interfax-CNA also relies on data feed from Interfax News Agency, which has earned the reputation on the world market of an independent, competent, and reliable source of news and information. Interfax-CNA product range includes: Profiles on more than 4.5 million Russian companies Profiles on Russian banks and insurance companies Marketing profiles (regions, goods, producers, exporters etc.) In-depth analysis on Russian markets and industries Macroeconomic research and policy impact analysis Identification and evaluation of potential business partners Individual data search