Annual Meeting of RussNeft Shareholders to Take Place on June 27

The company’s Board of Directors set the 23rd of May as the date of closing the register of shareholders entitled to participate in the meeting. 
At the meeting the shareholders are expected to discuss and approve the annual report and annual balance sheet of RussNeft for 2005 taking into account the reports of the Audit Commission and independent auditor. The shareholders will also discuss profit distribution in the company basing on the results of the year 2005.
Furthermore, the shareholders will elect new members to the Board of Directors and Audit Commission, and appoint the auditor of the company for the year 2006.
RussNeft is a vertically integrated oil holding company ranking among the ten oil and gas majors of Russia. In the structure of RussNeft there are 30 upstream companies, three oil refineries, two transport companies and a retail network including 300 gas-filling complexes. The enterprises of the company are found in 17 regions of Russia and CIS. The total recoverable reserves of RussNeft exceed 630 million tons. Its annual oil production has reached 17 million tons. 
The company’s President Mikhail Gutseriev is the main shareholder.