The Extraordinary General Meeting of Shareholders of Bashneft held yesterday by absentee voting has approved new versions of the Charter and the Regulations on the General Meeting of Shareholders. The necessity for updating these internal documents of the Company has arisen from amendments to the Federal Law on Joint-Stock Companies and consistent implementation of recommendations of the Code of Corporate Governance by Bashneft.

The Meeting of Shareholders has also approved a number of related-party transactions, which involve the Company’s potential participation in a Programme to Support Investment Projects through Project Finance together with VTB Bank; conclusion of a supplementary agreement with VTB Bank on the issue of bank guarantees; conclusion of a D&O and corporate liability insurance contract and provision of finance to LLC Bashneft-Polyus, which develops the R. Trebs and A. Titov fields.