MARKET SURVEY. February 2004 RUSSIAN OIL INDUSTRY IN 2003 TABLE OF CONTENTS TABLE OF CONTENTS...1

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1 CNA CORPORATE NEWS AGENCY Interfax - CNA 2 Pervaya Tverskaya- Yamskaya Moscow, , Russia Tel. (7-095) cna@interfax.ru RUSSIAN OIL INDUSTRY IN 2003 February 2004 MARKET SURVEY TABLE OF CONTENTS TABLE OF CONTENTS...1 MAJOR TRENDS...4 Oil Reserves... 4 Oil Production... 6 Oil Refining... 9 Crude Oil Export Exports of Oil Products Oil Export: Transportation Issues Oil Industry: Regulation Fixed-Capital Investment in Oil Production and Refining Foreign Investment in Oil Industry Oil Industry: Financials Oil Companies: Stock Market RUSSIA'S OIL HOLDINGS...33 LUKOIL Lukoil: Holding s structure and key companies Lukoil in 2003: Summary Lukoil: Financials YUKOS Yukos: Holding s structure and key companies Yukos in 2003: Summary Yukos: Financials SURGUTNEFTEGAS Surgutneftegas: Holding s structure and key companies Surgutneftegas in 2003: Summary Surgutneftegas: Financials TNK-BP TNK-BP: Holding s structure and key companies TNK-BP in 2003: Summary TNK: Financials SIBNEFT Sibneft: Holding s structure and key companies Sibneft in 2003: Summary Sibneft: Financials... 91

2 TATNEFT Tatneft: Holding s structure and key companies Tatneft in 2003: Summary Tatneft: Financials ROSNEFT Rosneft: Holding s structure and key companies Rosneft in 2003: Summary Rosneft: Financials BASHNEFT Bashneft: Holding s structure and key companies Bashneft in 2003: Summary Bashneft: Financials LIST OF TABLES Table 1 Selected Estimates of Russia s Oil Reserves... 4 Table 2 Production and Exploration Drilling in Russia in Table 3 Growth in Russia's Oil Reserves... 5 Table 4 Ranking of Russian Oil Companies by Oil Output in Table 5 Oil Production of Russian Companies in Table 6 Ranking of Russian Oil Companies by Primary Oil Refining in Table 7 Russia s Primary Oil Refining by Companies in Table 8 Russia s Oil Exports in 2001 Jan.- Nov Table 9 Ranking of Russia s Companies by Oil Exports to Non-CIS Countries in Table 10 Russia Crude Oil Exports by Country In 2002 Jan.-Nov Table 11 Russia s Oil Products Exports in 2001 Jan.-Nov Table 12 Share of Exports in Russia s Output of Oil Products in 2001 Jan.-Nov Table 13 Russia's Oil Products Exports: Major Markets in Jan.-Nov Table 14 Breakdown of Tax Burden of Russian Vertically-Integrated Oil Companies in H Table 15 Ranking of Key Russia s Industries by Fixed-Capital Investment in Jan.-Sept Table 16 Foreign Investment in Russia by Sectors and Industries in 2001 Jan.-Sept Table 17 Ranking of Key Russian Sectors and Industries by Financial Results (Profit minus Loss) in Jan.-Sept Table 18 Ranking of Key Russian Industries by ROA in Jan.-Sept Table 19 Return on Sales (ROS) of Russian Oil Companies in H LIST OF GRAPHS Graph 1 Breakdown of Investment in Geological Exploration of Hydrocarbon Resources in Russia in 2003 by Sources... 4 Graph 2 Russia s Oil Output in Graph 3 Primary Refining of Oil in Russia in Graph 4 Russia s Output of Key Petroleum Products in Graph 5 Share of Exports in Russia s Oil Production in 2001 Oct Graph 6 Breakdown of Russia s Oil Products Exports by Value in 2001 Jan.-Oct Graph 7 Breakdown of Russia s Oil Export by Means of Transport Graph 8 Breakdown of Transneft Oil Deliveries By Seaports, Druzhba Pipeline and Rail from Transneft Terminals in

3 Graph 9 Breakdown of Russia s Oil Exports by Seaports in Graph 10 Tax Burden of Russian Vertically Integrated Oil Companies in H Graph 11 Share of Russia's Oil Industry in Total Foreign Investment in 2001 Jan.- Sept Graph 12 Breakdown of Foreign Investments in Russia's Oil Industry (Direct, Portfolio, Others) in 2001 Jan.-Sept

4 INTERFAX - CORPORATE NEWS AGENCY Phone: Fax: cna@interfax.ru Publications Available Hard Copy or Major Russia s Holdings, Groups and Alliances. January 2004 The report provides an insight in structure and business directions of the biggest Russian holdings (Gazprom, RAO UES, Lukoil, Interros, Menatep, Alfa-Group, Bazovy Element, Millhouse Capital, Surgutneftegaz, Avtovaz, AFK Sistema, Severstal, MDM Group). The report also discloses information (operational data, financials) on key companies within the holdings. A Comprehensive Insight in Russia s Retail Market. December 2003 The report provides information on key trends and challenges of Russia's retail market, market s infrastructure, expansion of retail chains in sectors of foodstuffs, nonfood goods, consumer electronics, home appliances, cosmetics, perfumery, pharmaceuticals, furniture. Russia's Mineral Fertilizers Industry in November 2003 The report contains data on major trends in Russia s mineral fertilizers industry, exports, key holdings as well as performance of 22 major companies (production, exports, financials). A Comprehensive Insight in Russia s Construction Activity in October 2003 The report provides information and analysis of key drivers of Russia s construction activity (macroeconomic, industrial, social), key market segments (nonresidential, residential), major construction projects, key companies on the market (Russian, foreign) as well as trends in the industry of construction materials. 124

5 Belarus s Telecommunications Sector. October 2003 The report contains data on major trends in Belarus s telecommunications, the sector s regulation, structure as well as performance of top operators (Beltelecom, Mobile Digital Telecommunications, Mobile Telesystems, Belcel, Delovaya Set, Solo). Kyrgyzstan's Telecommunications Sector. October 2003 The report contains data on major trends in Kyrgyzstanstan s telecommunications, the sector s regulation, structure as well as performance of top operators (Kyrgyztelecom, Bitel, Katel, Smartcom, Saima Net Telecommunications). Uzbekistan's Telecommunications Sector. October 2003 The report provides information on major trends in Uzbekistan s telecommunications, the sector s regulation, structure as well as performance of top operators (Uzbektelecom, Uzdunrobita, Daewoo Central Paging Co, Coscom, Uzmacom, Rubicon Wireless Communication, Buztel). Kazakhstan s Telecommunications Sector. September 2003 The report contains data on major trends in Kazakhstan s telecommunications in H 2003, the sector s regulation, structure as well as performance of top operators (Kazakhtelecom, GSM Kazakhstan, Kar-Tel, Altel, ARNA, Nursat). Russia s Market for Alcohol Beverages and Beer in August 2003 The report provides information on Russia s market for alcohol beverages and beer, trends in consumption and supply, import penetration, regulation, development of key market segments (vodka and other liquors, brandy, wine and sparkling wine, low-alcohol drinks, beer) as well as ranking of regional producers by output. Russia s Dairy Industry in July 2003 The report provides information on dairy products market in Russia, import penetration, major trends in dairy industry, key holdings and foreign companies as well as ranking of regional whole milk, butter and cheese producers by output. Russia's Meat-Processing Industry. July 2003 The report provides information on meat and meat products market in Russia, import penetration, major trends in meat-processing industry, meat and poultry farming, key holdings as well as ranking of regional meat and sausage producers by output. 125

6 Russia s Non-Ferrous Metals Industry in June 2003 The report contains data on major trends in Russia s non-ferrous metals industry in , the sector s financials, key holdings as well as performance of key industries (aluminum, nickel, copper, zinc, lead, tin, titanium, magnesium) and top companies. Russia's Telecommunications in June 2003 The report contains data on major trends in Russia s telecommunications in , the sector s regulation, financials, key holdings as well as performance of top traditional and new operators. Russia s Ferrous Metallurgy in April 2003 The report contains data on major trends in Russia s ferrous metallurgy in 2002, export potential, regulation, key holdings as well as performance of 22 top steel, pipe and metalware producers. Russia s Construction Sector in April 2003 The report provides information on major trends and projects of Russia's construction sector and the industry of construction materials as well as construction projects and sector s regulation. Russian Oil Companies in March 2003 The report provides information on major trends in Russia s oil industry in 2002 and performance of ten Russian oil companies (Lukoil, Yukos, Surgutneftegaz, Tyumen Oil Company, Sibneft, Tatneft, Sidanko, Slavneft, Rosneft, Bashneft) as well as structure of oil holdings and general information on key companies within them. Russia s Major Holdings, Groups and Alliances (Structure and Key Companies). Part 2. February 2003 The report provides information on structure of eleven medium Russian companies (Tatneft, Bashkir Fuel Company, Slavneft, Severstal Group, Alrosa Group, Rosneft, Sidanko, Magnitogorsky Metallurgical Combine, Evrazholding, Novolipetsk Metallurgical Combine, Ural Mining and Metallurgical Company) as well as general information on key companies and banks within them. Russia s Major Holdings, Groups and Alliances (Structure and Key Companies). Part 1. November 2002 The report provides information on structure of ten top Russian holdings (Gazprom, Lukoil, Interros, Menatep, Alfa-Group, Millhouse Capital, Surgutneftegaz, Avtovaz, Sistema, MDM Group) as well as general information on key companies and banks within them. 126