Yesterday, the Board of Directors has approved PJSOC Bashneft’s strategy, including its long-term development programme and a long-term financial model for the period from 2015 through 2020 with an outlook until 2025. The Company will disclose the details of its updated strategy on October 12, 2015 in Moscow as part of the Investor Day.

The Board of Directors has discussed consolidated financial results and budget performance of PJSOC Bashneft for the second quarter of 2015 together with an outlook until the year end and has highlighted the Company’s stable financial position.

The Board of Directors has approved the appointment of Kirill Kasterin as Vice President for Regional Sales. Kirill Kasterin has replaced Dmitry Panyukov, who left the Company in July 2015.

Kirill Kasterin was born in 1973. He graduated with honours from the Gubkin State Oil and Gas University in 1995 and from Lomonosov Moscow State University in 2001. He has a PhD degree in Chemistry. In 2009 he obtained an MBA degree from Stockholm School of Economics. From 2003 through 2005 he served as the Deputy General Director for Retail Sales and the General Director of CJSC Interneft; from 2005 through 2007 he worked for OJSC FIC Kedr-M (a subsidiary of Yukos Oil Company) as the Deputy General Director for Retail Sales and Executive Director; in 2007 he held the position of General Director of OJSC Germes-Moscow. From 2008 through 2009 he was the Deputy General Director of LLC LUKOIL-Nizhnevolzhsknefteprodukt; from 2009 through 2010 he held the post of Deputy General Director for Commercial Issues of LUKOIL ROMANIA S.R. L. From 2010 through 2013 he occupied the positions of Executive Director, Commercial Director and General Director of LLC Bashneft-Region. Since December 2013, he has been the Director of the Bashneft-Regional Sales Branch of PJSOC Bashneft.