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Board of Directors Review Status of Projects

Source: 5/18/2012, Location: Asia

Gazprom Neft Board of Directors have reviewed the latest strategic development indicators to 2020.

Under the Gazprom Neft strategic development guidelines, by 2020 the Company’s production is expected to reach 100 million tonnes of hydrocarbons and 70 million tonnes of oil refined annually. Sales of petroleum products through high-margin channels (own petrol stations, small-scale wholesale, bunker fuel, jet fuel and engine oils) are expected to reach 40 million tonnes annually.

Gazprom Neft’s key business development objectives remain in place, but some parameters have been amended by the Board to reflect the speed with which the goals set forth are being achieved. In particular, the 2020 forecast average throughput per petrol station has been raised by 45% from 3,800 tonnes to 5,500 tonnes per year, and the forecast number of regions with petrol stations presence has been increased from 29 to 36. Forecast sales to end-users of jet fuel (deliveries “into the wing”) by Gazpromneft-Aero have been increased 10% to 3.3 million tonnes annually, with a planned airport presence of 122 (up from 100).

Target bitumen sales have been raised by 200,000 tonnes to 2.3 million annually, with market share in polymerised bituminous materials now expected to reach 30%, six times higher than previously forecast. Petrochemical sales volumes are expected to increase to 3.13 million tonnes per year, 53% more than previously expected. The use of advanced technology for exploiting difficult reserves at existing oil fields, is one of the mechanisms the Company will employ to achieve these objectives in E&P.

The Board of Directors also reviewed Gazprom Neft’s programme for improved utilisation and increased efficiency in the use of the associated petroleum gas (APG) in the period 2012-2015. The completion of two projects (one at South Priobskoye and the first phase of the Noyabrskoye integrated project) will allow for the utilisation of APG to over 80% by late 2012 / early 2013.

A compressor station and APG collection facilities will be constructed in order to raise the level of utilisation at the South Priobskoye field to 95%. At present, 70 out of 87 kilometres have been laid as part of the gas collection system project, the compressor station is 50% complete and the pipeline for APG delivery to the South Balyk Gas Condensate Processing Plant is almost complete.

Gas utilisation as part of the first phase of the Noyabrskoye integrated project is linked to two processes: the modernisation of the collection and transportation gas system from the Ety-Purovskoye field and increasing processing capacity at the Vyngapurovsk Gas Condensate Processing Plant which is being carried out by SIBUR. The commissioning work on the reconstruction of the external gas transport system from the Vyngayakhinskoye and Ety-Purovskoye fields will be completed in June-/July this year and the subsequent installation of compressor and vacuum-compressor stations will result in the project completing by the end of 2012 / early 2013.

The Board of Directors also reviewed the status of the programme to improve the quality of Gazprom Neft’s petroleum products. RUB 37 billion has been invested from 2007 to 2011 to increase the quality of products at the Company’s three refineries (Omsk, Moscow and the 50% stake in the Yaroslavl refinery which is owned by Gazprom Neft through Slavneft). As a result, production of grade 4 and grade 5 high-octane gasoline and grade 4 diesel fuel has commenced. From 2015, all engine fuel produced by the Company will be grade 5 (equivalent to Euro-5).

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