17 September 2008

Rosneft repays the final tranche of a USD 22 billion bridge loan, reduces Net Debt to 1x EBITDA

On September 17, 2008, Rosneft completed the repayment of the third and final tranche (USD 2.3 bn.) of the USD 22 bn. short term acquisition financing drawn in early 2007.

The USD 22 bn. bridge consisted of two loans, one for USD 13 bn. and the other for USD 9 bn., both of which were arranged by ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank, Goldman Sachs, J. P. Morgan Chase and Morgan Stanley in March 2007. Both the size and the terms of the loans were unprecedented for a borrower on the Russian market.

Rosneft President Sergey Bogdanchikov commented: “Successful refinancing and repayment of our USD 22 bn. bridge loan over the past 18 months despite unprecedented turmoil in global credit markets is clear testament to Rosneft’s strong financial position and reputation amongst major international lenders. We remain committed to our focus on improving efficiency and maintaining sound financial discipline, including reducing and maintaining our leverage (Net Debt/EBITDA) to approximately 1x. As many have already noted following the recent publication of our US GAAP results for the second quarter, our Net Debt/EBITDA ratio as of June 30, 2008 has already improved to this level”.

Rosneft Information Division
Tel.: +7 (495)-221-31-07
Fax: +7 (495)-411-54-21
n_manvelov@rosneft.ru
September 17, 2008

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no responsibility to update the forward-looking statements contained herein to reflect actual results, changes in underlying assumptions or changes in factors affecting these statements.