Shareholders' Orsknefteorgsinteza decided not to pay dividends on the basis of 2008

At the annual general meeting of shareholders of a subsidiary of NK RussNeft - OJSC Orsknefteorgsintez were approved by the annual report, financial statements of the Company, the distribution of gains and losses on the results of 2008. Elected members of the board of directors and audit committee approved auditor.

For the year 2008 at ONOSe processed 4949.4 thousand tons of petroleum feedstock. The current plan for the production of oil is made of 100%. In 2008 it produced 723.4 thousand. Tons. gasoline; 1356.7 thousand tons of diesel fuel (at 1.5% over the figure in 2007), 284.5 thousand tons of fuel the RT (114,3% by 2007). At the end of 2008 the society received a net profit amounting to 732 million 309 thousand rubles. That at 8.48% higher than that of 2007. Income tax amounted to 279 million 179 thousand rubles.

The shareholders havedecided to dividends on ordinary and preference shares on the basis of the 2008 not to pay. Retained earnings of $ 773 million 866 thousand rubles for the development to production.

ONOSa Shareholders have identified priorities for further development strategy of the company. Emphasis will be placed on the technological scheme, ensuring the formulation of competitive products and increase the depth of oil processing and output of light oil products from oil processing. ONOS in the equipment modernization program, begun in 2006, will continue the construction of deep processing of oil. The implementation of the program is scheduled for completion by 2013, modernization of equipment ONOSa will provide an opportunity to preserve and enhance the position of RussNeft on the Russian market of motor fuels, to increase the depth of processing, to increase production volumes in the fast-growing segment of high-octane gasoline, to ensure that the quality of motor fuels to the existing technical regulations and in the long term - at the level of European standards.
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