History

Gazprom Neft holds the leading position in Russia in terms of hydrocarbon production and refining growth rate. It also leads on a number of efficiency metrics. The Company begins pilot oil production at two major new fields in the north of the Yamalo-Nenets Autonomous District:East Messoyakha and Novoportovskoye. The first stage of commercial production begins at the Samburgskoye field, which belongs to the Russian-Italian company SeverEnergia, in which Gazprom Neft holds a 25% stake. The formation and development of a new production cluster in the Orenburg region continues. The Company enters into new projects for the exploration and development of hydrocarbon reserves in Iraq. The Moscow refinery switches to producing environmental grade 4 gasolines, while the Omsk plant begins producing Euro 4 and Euro 5 gasolines and Euro 5 diesel. Gazprom Neft begins the development of a retail network in Europe (Serbia andRomania) under the Gazprom brand.

Gazprom Neft actively expands its presence in the global oil and gas market. The Company signs a contract to develop the Badra field in Iraq. Gazprom Neft is appointed to lead the Junin-6 project in Venezuela. The Company also continues to enter new fuel markets beyond Russia’s borders, and acquires a retail network of twenty filling stations and nine plots of land in Kazakhstan. The Company further increases its presence in the Russian market by entering into the development of high-potential fields in the north of the Yamalo-Nenets Autonomous District. The licenses for the development of these fields belong to SeverEnergia. In February it completes theacquisition of STS-Service, a subdivision of the Swedish company Malka Oil which operates fields in the Tomsk region.

Gazprom Neft increases its resource base and oil refining facilities by acquiring new assets including: Naftna Industrija Srbije (NIS) and a controlling interest in Sibir Energy. The Company also increases its stake in the Moscow oil refinery and obtains access to the Salym fields. In April 2009 the Company completes a transaction to acquire the Chevron Italia S.p.A. lubricants plant in Bari, Italy from Chevron Global Energy. The launch of a large-scale rebranding programme for the Gazpromneft filling station network becomes a key milestone in the Company’s growth.

Gazprom Neft, Rosneft, Lukoil, TNK-BP, and Surgutneftegaz sign a Memorandum of Understanding to begin cooperation and joint participation in projects in Venezuela and Cuba under the National Oil Consortium.

Gazprom Neft establishes the subsidiary Gazprom Neft Asia, and enters the Central Asia retail market, selling petroleum products in Kyrgyzstan, Tajikistan, and Kazakhstan

A controlling stake (75.68%) in Sibneft is acquired by Gazprom Group. On 13 May 2006 the Company is renamed Joint Stock Company Gazprom Neft. The Company outlines a strategy to become a global player with a regionally diversified asset portfolio across the whole value chain.

The Company expands rapidly, supported by its sound resource base, efficient refineries and professional management. Sibneft’s management works hard modernising production, introducing advanced technology, and optimising business processes.

An active asset growth policy enables the Company to significantly expand its operations geographically (including into the Tomsk and Omsk regions) and expand its retail network in Russia (into areas including the Sverdlovsk and Tyumen regions, Krasnoyarsk Territory, Saint Petersburg, and Moscow). The Company’s major acquisitions during this period include the purchase of a 49.9% stake in Slavneft, which produces oil and gas in Western Siberia and Krasnoyarsk Territory.

In order to develop a market economy, the Russian government privatises Sibneft. In 1996, private investors acquire a 49% stake in Sibneft. In 1997, Finansovaya Neftyanaya Kompaniya (Financial Oil Company) successfully bids for the stake in Sibneft held by the state under the Russian government’s “loans-for-shares” scheme.

Sibirskaya Neftyanaya Kompaniya (Siberian Oil Company) is created in a decree by the Russian President. The Russian government acts as founder of the Company by contributing the state-held shares in the following major Russian oil enterprises to the corporation’s charter capital: Noyabrskneftegaz, Noyabrskneftegazgeofizika, Omsky Neftepererabatyvayuschiy Zavod (Omsk Oil Refinery) and Omsknefteprodukt.