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Distinctive Features of llc Ahtubaneftegaz

Refinery Development

- unique processing depth of 98% - all industry record. The enterprise ceased producing fuel oil and does not yield any oil residue, except target marketable coke for metallurgy;

- conveniently located in the center of the Urals Federal District on a developed logistic network, which enables to market oil products on its territory and in adjacent Districts;

- connected to the oil trunk pipeline of Transneft, JSC with total capacity of 7.2 MTPA with the increase up to 9 MTPA (specifications are given by Transneft, JSC);

CORPORATE GOVERNANCE

In implementing its growth strategy, LLC AHTUBANEFTEGAZ strives to increase its shareholder value as well as achieve the highest standards of corporate governance. The Company is firmly convinced that these two aims are closely related. The commitment to a transparent and responsible business management is extremely important for maintaining Investorsor confidence and, in the long term, for guaranteeing the maximum return on Investorsment to all our shareholders.

Being the hallmark of the most renowned international corporations, efficient governance is an important indication of our success in the eyes of our foreign partners. We are convinced that conscientious governance benefits all stakeholders, including clients, suppliers, partners, employees and our Company’s shareholders. LLC AHTUBANEFTEGAZ’s management will unswervingly continue giving equal consideration to the interests of all shareholder groups of the Company.

The transparency of financial reporting is yet another important element of corporate governance. LLC AHTUBANEFTEGAZ has ample experience of drafting quarterly, semiannual and annual reports in compliance with the generally accepted accounting principles (US GAAP). In the future we intend to follow these practices. Our open joint stock company’s immediate objective designed to further improve our US GAAP reporting procedures is to continue reducing the time gap between the end of the reporting period and the publication date of financial performance indicators for the same period.

One of the most convincing proofs of practical application of the principles of strong corporate governance is the composition of the Board of Directors and its subcommittees. The members of LLC AHTUBANEFTEGAZ’s Board of Directors are experienced leaders commanding great respect within the business community. In order to make discussions at the meetings of the Board of Directors more effective, the standing Board of Directors’ committees - the Committee for personnel and compensations, the Committee for strategic planning and the Audit Committee - provide advice on most important issues.

In LLC AHTUBANEFTEGAZ, we understand that reputation of an organization that strictly adheres to the highest standards of corporate governance cannot be gained overnight. This takes time and we are certain to be able to acquire such a reputation. We are trying to develop our business operations. We are ready for future challenges, unavoidable in the energy industry. And we are following the principles of transparent and responsible governance. All this will help win your trust.

LLC AHTUBANEFTEGAZ has a system of internal control over its financial and operating activities, consisting of: Audit Commission, Board Audit Committee, independent auditor, executive bodies, Company management, and Internal Audit. The existing scheme of subordination and interaction among the elements of control system ensures the level of independence required for its efficient operation and conforms to international standards and best practices in the field of internal audit.

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