YUKOS NK OAO (YUKOS Oil Company) is a Russia-based fully integrated oil and gas company. Headquartered in Moscow, the Company operates reserves in West Siberia and the Volga region. Its main extracting subsidiaries are Tomskneft and Samaraneftegaz. YUKOS operates five refineries in Russia: three in the Samara region, one in Achinsk, and one in Angarsk. The Company's principal refined products include gasoline, diesel fuel, aviation fuel, fuel oil and lubricants, which are marketed through wholesale and retail networks in Russia and are exported to Europe, the Commonwealth of Independent States and China. YUKOS operates a chain of 1,135 gas stations across Russia. In December 2004, the Company filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. Priobskoye Oil Field Priobskoye Oil Field occupies an area of 5,466 square kilometers in the Khanty-Mansiysk Autonomous District of Western Siberia. Priobskoye is one of Russia's largest oil fields, with geological reserves of 14.56 billion barrels (SPE basis). Yuganskneftegaz, a Yukos Oil regional Production Association, holds the license to develop the field's Northern Territory. In 2003 its production reached 129.1 million barrels of oil (17.7 million tons), an increase of 49% compared with 2002 production. Eastern Siberia In December 2000, with an eye on expanding its business activities in Eastern Siberia, Yukos Oil purchased a 68% stake in the East Siberian Oil and Gas Company (VSNK), later increasing its stake to 70.2%. VSNK owns the license for exploration and development of the Yurubchenskaya Pool, the best-explored part of the Yurubcheno-Takhomskoye oil and gas condensate field, located in the remote Evenkiya Autonomous District of Eastern Siberia. Yurubcheno-Takhomskoye is one of the largest undeveloped oil and gas fields in Eastern Siberia in terms of area. The Company has also stepped up its activities in the Tersko-Kamovsky Block of the Yurubcheno-Takhomskoye field, the exploration and development license for which is held by wholly owned Yukos affiliate Eastern Oil Company (VNK). Through a series of transactions during 2002, the Company purchased a 50.4% interest in OAO NNGK Sakhaneftegas (Sakhaneftegas), an oil and gas company operating in Eastern Siberia. Sakhaneftegas and its subsidiaries hold a number of licenses for exploration, development and production of hydrocarbon reserves in Yakutia, Eastern Siberia. The acquisition of Sakhaneftegas positions the Company for future developments in the oil and gas industry in Eastern Siberia. In 2003, it concentrated much of its exploration efforts in Eastern Siberia on preparing the wholesale industrial exploitation of the five billion barrel oil-in-place Yurubcheno-Takhomskoye complex. In Eastern Siberia, it also continued geological surveys in Krasnoyarsk and Evenkiya and expanded its activities in the Republic of Sakha (Yakutiya) in order to consolidate its position in the region and establish a resource base in the Far East of the Russian Federation. Power Generation The Company purchases seven billion kilowatt thermals of electricity from RAO UES and also generates its own power for oil extraction. The Company is constructing two power stations and preparing a tender for the construction of a third power station. All of these power plants use associated gas. Gas Production The Company began to actively participate in acquisitions of Russian gas reserves and other assets in 2001. It owns or controls the following domestic natural gas producers: ZAO Rospan International, OAO Articgas (also known as the Arctic Gas Company) and ZAO Urengoil. MOL Joint Venture On February 12, 2002, Yukos Oil signed a joint development and production agreement for the West Malobalykskoye oil field in Western Siberia with MOL Rt. of Hungary, an integrated oil and gas company in Central Europe, as well as a major customer for Yukos Oil crude exports. The project will be implemented by a joint venture company incorporated in Russia and owned 50:50 by Yukos Oil and MOL.

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