04.02.2008 Preliminary Operating Results

04.02.2008

Preliminary Operating Results

THROUGHPUTS AT ��ӰԺ OWN REFINERIES IN RUSSIA INCREASED BY 7.7%.

HYDROCARBON PRODUCTION AVAILABLE FOR SALE TOTALED 2.18 MLN BOE PER DAY

��ӰԺ Group (subsidiary companies and ��ӰԺ’s share in output by affiliated companies) total hydrocarbon production available for sale totaled 2.181 mln boe per day in 2007, up 36 th. boe per day y-o-y.

Crude oil output of ��ӰԺ Group totaled 1,956 th. bpd* (up 1.6% y-o-y), or 96.646 mln tons. ��ӰԺ subsidiary companies produced 94.149 mln tons of crude, up 2.9% y-o-y. Natural and associated gas output of ��ӰԺ Group available for sale was 13.955 bcm, which is 2.5% more than in 2006.

��ӰԺ production growth rates were impacted by the sale of a 50% stake in Caspian Investments (former Nelson Resources), engaged in hydrocarbon exploration and production in Kazakhstan, in the end of April as well as by the significant limitations placed by Gazprom on natural gas intake in June–October due to warm winter of 2006–2007.

Throughputs at the Company’s own refineries in Russia grew by 7.7% y-o-y, to 42.548 mln tons, due to ��ӰԺ refining capacity expansion and modernization as well as a high refinery margin in Russia. The Nizhny Novgorod refinery accounted for most of the growth. Throughputs at own foreign refineries grew by 2.5%, to 9.616 mln tons in 2007. Throughputs at ��ӰԺ own refineries in Russia and abroad totaled 52.164 mln tons, up 6.7% y-o-y.

Hydrocarbon production available for sale, th. boe per day

	2007	2006	Change
��ӰԺ Group output:	2,181	2,145	1.7%
Including
Crude oil output^*	1,956	1,926	1.6%
Petroleum and natural gas output^**	225	219	2.5%

Crude oil output, th. tons

	2007	2006	Change
��ӰԺ Group output:	96,646	95,235	1.5%
Including
Subsidiary companies	94,149	91,537	2.9%
Share in affiliated companies	2,497	3,698	-32.5%

*Russia*:	*91,100*	*89,561*	*1.7%*
Including
Subsidiary companies	90,735	87,930	3.2%
Share in affiliated companies	365	1,631	-77.6%

*International projects:*	*5,546*	*5,674*	*-2.3%*
Including
Subsidiary companies	3,414	3,607	-5.4%
Share in affiliated companies	2,132	2,067	3.1%
��ӰԺ Group output, th. bpd^*	1,956	1,926	1.6%

* Conversion ratio from tons to barrels characterizes the density of oil from each of ��ӰԺ oilfields.
** Conversion ratio from cubic meters to barrels of oil equivalent is 1,000 cubic meters = 5.885 boe.

Gas output available for sale, mcm

	2007	2006	Change
��ӰԺ Group output:	13,955	13,612	2.5%
Including
Subsidiary companies	13,731	13,396	2.5%
Share in affiliated companies	224	216	3.7%
*Russia*:	*12,273*	*12,42*4	*-1.2%*
Including
Subsidiary companies	12,240	12,392	-1.2%
Share in affiliated companies	33	32	3.1%
*International projects:*	*1,682*	*1,18*8	*41.*6%
Including
Subsidiary companies	1,491	1,004	48.5%
Share in affiliated companies	191	184	3.8%
��ӰԺ Group output, th. boe per day**	225	219	2.5%

** Conversion ratio from cubic meters to barrels of oil equivalent is 1,000 cubic meters = 5.885 boe.

Refinery throughputs***, th. tons

	2007	2006	Change
Owned refineries	52,164	48,885	6.7%
Russia	42,548	39,502	7.7%
International	9,616	9,383	2.5%
Third-party refineries	4,610	4,987	-7.6%

*** Including mini-refineries.

This information is based on preliminary operating data which may be adjusted and corrected during preparation of ��ӰԺ financial accounts for 2007. So the figures in this press-release may differ from operating statistics which will be published together with the financial accounts.

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