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1. ADDRESS TO SHAREHOLDERS, INVESTORSá& PARTNERS
Path: Company /  ADDRESS TO SHAREHOLDERS, INVESTORS & PARTNERS

... investors! Our Company gave aárecord-breaking performance onáall fronts iná2011, leading the Russian industry byárates ofágrowth of production, refining, and sales through premiu... ... byáproduct sales inápremium segments (compared with the third position byárefining volumes). Foreign business has shown good progress: our Serbian subsidiary, NIS, improved its production and financial performance iná2011 and work continued onáprojects ináIraq, Venezuela, Cuba, and Equatorial Guinea. Achieving these high result...


2. Development Strategy
Path: Company / DEVELOPMENT STRATEGY

... ofáthe business aims toáprovide the highest aggregate income for shareholders ofáany Russian oil company, while maintaining its place ináthe top three most efficient vertically-integrate... ... portfolio over the entire value chain, seeking active involvement ináregional development projects, and maintaining aáhigh degree ofásocial and environmental responsibility... ... located at fields in initial development phases 10% share of production to come from foreign projects Refining Annual production up to 40 mn t in the Russian Federatio...


3. Geological exploration & productionáof crude oil & gas
Path: EVENTS 2011 / GEOLOGICAL EXPLORATION & PRODUCTION OF CRUDE OIL & GAS

... reserves-to‑production ratio should remain atáthis level for atáleast 20áyears. Projects ináinitial stages ofádevelopment should represent atáleastá50% ofáall productio... ... portfolio byáacquisition ofáasáyet unallocated rights toásub-soil areas, held byáthe Russian Government, asáwell asábyáasset purchases onátheáR ussian market and project... ... District (KhMAD), and ináOmsk, Tomsk, Tyumen, Orenburg, and Irkutsk Regions. The Companyĺs foreign subsidiary, NIS, explores and produces oil and gas ináSerbia, Angola, Bosnia...


4. Premium Business Segments
Path: EVENTS 2011 / PREMIUM BUSINESS SEGMENTS

... reach, and increasing market share inápremium segments. AIRCRAFT REFUELING Share of theáRussian retail market, % Source: Company data download xls Sales of marine fuel, m... ... toáestablish aáchain ofá52árefueling complexes (20áofáits own, and 32áleased) ináRussian and foreign airports. Goal: Raising sales toá5ámn t; Target markets: Russia Central Asi... ... which serves the city ofáUlyanovsk ináthe Volga region ofáRussia. Gazprom Neft Aero projects in russia á International Projects civil aircraft russian air Force á Mosco...


5. Innovation
Path: EVENTS 2011 / INNOVATION

... work beyond the Arctic Circle ináthe Pechora Sea, Kara Sea and Barents Sea; implement projects outside Russia; and gain competence ináproduction ofánon-conventional hydrocarbon... ... ofápetroleum refining and petrochemical technologies isáneeded ináorder toácomply with Russian Government requirements for fuel quality, toáaddress the implications ofálevellin... ... ofábitumen and coke), and toáoptimise and reduce production costs and dependence onáforeign-made catalysts and technologies. The main goals ofáGazprom Neftĺs innovatio...


6. Investment Activities
Path: EVENTS 2011 / INVESTMENT ACTIVITIES

... investment plans set out in the Companyĺs approved Strategy; To implement the most efficient projects, and to create an optimized investment portfolio; To implement collegiate decisionmakin... ... revenues from sale ofáthe oil field service businesses, were USD 1.0ábn; investments ináforeign projects and projects toádevelop new assets amounted toáUSD 0.5ábn. Total investmen... ... Venezuela, Cuba, Iraq and Equatorial Guinea; Retrofitting oil refineries to comply with Russian Government requirements, ensuring transition to Euro 4 from 2012 and to Eur...


7. Key Risk Factors
Path: MD&A / KEY RISK FACTORS

... scope: IRMS extended toá20ámore business entities (subsidiaries/affiliates, and major projects) and 2ásub-divisions directly subordinate toáthe corporate centre. Integratin... ... providers, nor can itácontrol the tariff rates payable. Tariff rates are controlled byáRussian Government agencies, but the rates increase from year toáyear, creating additiona... ... sub-soil licences or assets related to production of hydrocarbons; Implementation of foreign projects; Contracting major third-party service provides; Purchase of high-tec...


8. Large transactions & related-party transactions
Path: Appendix / Large transactions & related-party transactions

... party to any transactions that could qualify as large transactions under effective Russian law. List of related party transactions in 2011, approved by governing bodie... ... until: Both parties agree to discontinue the joint activities; The earliest of joint projects expiry under the Kyoto Protocol, or June 01, 2013; 10 days after one Partne... ... Aátransaction between JSC Gazprom Neft and State Corporation Bank for Development and Foreign Trade (Vneshekonombank), for aáplacement-sale ofádocumentary non-convertibl...


9. Share market & capitalization
Path: Shareholder Information / SHARE MARKET & CAPITALIZATION

... depositary receipts (ADRs) issued onáshares ofáGazprom Neft represented 0.2% ofátotal foreign ADR trading ináthe IOB system onáthe London Stock Exchange iná2011 (value ofátrade... ... capitalization iná2012. The Company believes itáhas the best value-added business among Russian oil companies ináterms ofárefining depth, sales capacity, and new oil production projects ináRussia which, with expected taxation changes, will create considerable valu...