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December 27, 2011

Board of Directors of JSOC Bashneft Approves Company Strategy though 2016 and Business Plan for 2012

At its meeting on December 26, 2011, the Board of Directors of JSOC Bashneft approved the Strategy for Development of the Company through 2016. The strategy is directed toward growth in the value of Bashneft through increasing production of hydrocarbons and augmenting oil and gas reserves, diversifying assets, modernizing refineries, expanding its proprietary filling station network in Russia, and improving efficiency of operations along the entire value chain.

The Strategy for Development of Bashneft through 2016 envisions stable oil production of around 15 million tons annually at the company’s active fields and the beginning of production at the R. Trebs and A. Titov fields. Simultaneously, the company plans to undertake large-scale geological exploration in its primary region, the Republic of Bashkortostan, and expects to obtain access to licenses at several fields in other regions. Looking beyond 2016, this will enable Bashneft to increase reserves of oil and gas, including from exploration of non-traditional reserves in Bashkortostan.
In downstream operations, the strategy sets the path for modernizing refineries to improve competitiveness and cost of producing petroleum products, growth in the company’s proprietary retail network, and greater effectiveness for all sales outlets. While maintaining the volume of refining at around 20 million tons per year, investment projects in refineries will bring about significant changes: enabling Bashneft to increase the depth of refining from 86 percent to 94.4 percent, increase light petroleum form 59.9 percent to 73.4 percent, and in motor fuels make timely and complete transition to Euro 4 and Euro 5 standards to comply with technical regulations.

The strategy also provides for development of export logistics and expansion of the company’s retail network from 440 stations to nearly 1,200 stations. This will raise profit from sales and allow Bashneft to realize up to 80 percent of its automotive gasoline through proprietary retail channels.

The Board of Directors of Bashneft also approved the Business Plan of the Company for 2012. As part of realizing its development strategy through 2016, in 2012 Bashneft plans oil production of 15.2 million tons and oil refining of 20 million tons. The company aims to increase the number of its filing stations and to sell more petroleum products through its own and partner stations.




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