This document provides an analysis of PJSC Oil Company Rosneft, a major Russian oil and gas exporter. It includes details on Rosneft's ownership structure, operational structure, financial performance, markets, deals and partnerships. The analysis also benchmarks Rosneft's capital expenditures, lists major industrial facilities and subsidiaries, and identifies opportunities and risks facing the company.

1. RESEARCH JOURNAL
EXPORTERS ALL RUSSIA
DAILY INFLUENCE ON MARKET CONJUNCTURE
DOSSIERFOREDUCATIONALUSEONLY
EXAMPLE
EXAMPLE

2. RESEARCH JOURNAL | DOSSIER |
IS AN ADDITIONAL WEB RESEARCH, INVESTIGATION PRACTICE
AND ANALYSIS OF CONSUMED DATA TO COVER THE QUESTION OF
COMPETITIVE TRANSPARENCY & PREDICTABILITY
TARGET IS
EXPORT COMPANIES IN RUSSIA
GOVERNMENT-OWNED ENTERPRISES
DAILY INFLUENCE ON MARKET CONJUNCTURE:
WHO, WHEN, WHERE, WHY, HOW, WHAT & MEANS, MOTIVE, OPPORTUNITY
BASED ON
OFFICIAL EVENTS
INFORMATION DISCLOSURE
BUSINESS INSIGHTS
STATISTIC DATA
LEGISLATION
NEWS
WHO MIGHT INTERESTED
OVERSEAS BUYERS
SUPPLIERS
VENDORS
PARTNERS OR COMPETITORS
ANALYSTS
JOURNALYSTS AND RESEARCHERS
USEFUL FOR
STRATEGIC PLANNING
STRATEGIS FORECASTING
ENTERPRISE RESOURCE/SELLS PLANNING

3. CONTENT
ORGANIZATIONAL TRANSPARENCY & PREDICTABILITY RATING
THIRD PARTY PUBLICATIONS & VERIFICATION
RESEARCH & ANALYSIS OF INFORMATION DISCLOSURE
DESCRIPTION
industry
goods & services key words
e-PROCUREMENT/ENTERPRISE RESOURCE PLANNING
list of possible international suppliers
CAPITAL AND SHAREHOLDERS INFORMATION
ORGANIZATIONAL STRUCTURE
COMPETITORS IN ANALOGOUS INDUSTRY
countries
companies
BUSINESS INSIGHTS
industrial facilities/structure (subsidiaries, affiliate)
imported processing equipment and suppliers brands
employees competence
international certificates of quality
difficulties of exporting
foreign/strategic transactions & deals
current (actual) and prospective markets
court proceedings
possible risks
perspectives of development and cooperation
credit/financial rating
NOTE/REMARK TO FUNDAMENTAL ANALYSIS FOR LISTED COMPANIES

4. INDUSTRIAL SECTORS
OIL & GAS
Sector Equipment and service for Oil & Gas
Sector Alternative Energy
CHEMICALS
BASIC RESOURCES “INDUSTRIAL METALS & MINING”
CONSTRUCTION & MATERIALS
Subsector Heavy Contruction
INDUSTRIAL GOODS & SERVICES
Subsector railroads
Subsector Electronic & Electrical Equipment
Subsector Commercial Vehicles & Trucks
Subsector Industrial machinary
Subsector Support Service
Subsector Diversified Industrials
SECTOR AEROSPACE & DEFENSEc
FOOD & BEVERAGE
Subsector Food Producers
Subsector Distillers & Vintners and Brewers
PHARMACEUTICALS & BIOTECHNOLOGY
UTILITIES
TECHNOLOGY
Subsector Technology Hardware & Equipment
Subsector Software & Computer Services
Multi sectors Companies
ROSTEC | RUSNANO | ROSATOM | ROSCOSMOS

5. PJSC |OIL COMPANY ROSNEFT|
http://www.rosneft.com
ORGANIZATIONAL TRANSPARENCY & PREDICTABILITY RATING
Company approved as the most transparent Public Company (S&P)
THIRD PARTY MEDIA AND PUBLICATIONS
NEGATIVE | POSITIVE | NEUTRAL
http://www.dowjones.com/scoops/rosneft-hires-london-firm-zaiwalla-sanctions-strategy/
http://www.bloomberg.com/news/articles/2016-04-28/putin-s-decade-old-dream-realized-as-russia-to-price-its-own-oil
SANCTIONS http://www.rbc.ru/politics/23/05/2016/574336659a79473f3b1d2d4b?from=newsfeed
Rosneft and Hellenic petroleum Agreed on Crude oil and petroleum sale.
http://www.vedomosti.ru/newsline/top/business/news/2016/05/26/642551-sechin-hellenic-petroleum
RESEARCH & ANALISYS OF INFORMATION DISCLOSURE
e-PROCUREMENT/ENTERPRISE RESOURCE PLANNING
CAPITAL AND SHAREHOLDERS INFORMATION
CAPITAL STRUCTURE
http://www.rosneft.com/Investors/structure/share_capital/
JSC ROSNEFTEGAZ http://e-disclosure.ru/portal/company.aspx?id=14467
2012 SHAREHOLDERS MEETING
97,6% http://www.rosneft.com/news/pressrelease/03122012.html
CAPITAL OF BOARD MEMBERS
http://www.rosneft.com/news/pressrelease/080620122.html
2013 SHAREHOLDERS MEETING
http://www.rosneft.com/news/pressrelease/05032013.html
97,7% http://www.rosneft.com/news/pressrelease/200620132.html
CAPITAL OF BOARD MEMBERS
http://www.rosneft.com/news/pressrelease/23082013.html
http://www.rosneft.com/news/pressrelease/29082013.html
http://www.rosneft.com/news/pressrelease/300820132.html
2014 ShareHolders Meeting
http://www.rosneft.ru/news/pressrelease/06032014.html Russian
92,9 % http://www.rosneft.com/news/pressrelease/270620142.html
CAPITAL OF BOARD MEMBERS
http://www.rosneft.com/news/pressrelease/19032014.html
2015 SHAREHOLDERS MEETING
89,7% http://www.rosneft.com/news/pressrelease/17062015.html
2016
CORPORATE STRUCTURE
OPERATIONAL STRUCTURE http://www.rosneft.com/about/Glance/OperationalStructure/
INDUSTRY DESCRIPTION
OIL & GAS SECTOR
**POSITION IN THE INDUSTRY
Record high exploration drilling success rate at 84%1, 7 fields and 117 new deposits discovered
with 232 mmtoe of total С1+С2 reserves (Presentation Rosneft Q4 2015)
GAS INDUSTRY - 16% domestic markets

6. UPSTREAM CAPEX 2015: BANCHMARKING
$/boe
4.3-Rosneft;
9.7-Lukoil;
10.1-Gazprom;
17.0-PetroChina (http://www.petrochina.com.cn/ptr/);
19.0-PetroBras (http://www.petrobras.com.br/en/);
20.3-ExxonMobil (http://corporate.exxonmobil.com)
21.8-Statoil (http://www.statoil.com/en/)
22.3-BP (http://www.bp.com)
23.8-Shell (http://www.shell.com)
33.5 Chevron (https://www.chevron.com)
GOODS & SERVICES KEY WORDS:
Geological exploration
Oil Refining
Crude Oil and petroleum sales
Euro-5 motor fuels production since 2015
BUSINESS INSIGHTS
***INDUSTRIAL FACILITIES
THE STRUCTURE http://www.rosneft.com/Downstream/Overview/
Geological exploration/extraction
PJSC ORENBURGNEFT http://e-disclosure.ru/portal/company.aspx?id=929
JSC SAMOTLORNEFTEGAS, JSC SNG http://e-disclosure.ru/portal/company.aspx?id=837
PJSC TUYMENNEFTEGAS http://e-disclosure.ru/portal/company.aspx?id=4839
PJSC VERHNECHONSKNEFTEGAS http://e-disclosure.ru/portal/company.aspx?id=7810
JSC VANCORNEFT
LLC RN-UGANSKNEFTEGAS
Oil Refining & Crude Oil and petroleum sales
JSC RAYZANSK OIL PROCESSING COMPANY
JSC ANGARSK OIL CHEMICAL COMPANY http://e-disclosure.ru/portal/company.aspx?id=672
JSC NOVOKUJBYSHEVSKY OIL PROCESSING PLANT
http://www.rosneft.com/Downstream/refining/Refineries/Novokuibyshev_Refinery/
LLC RN-COMSOMOLSKY OIL PROCESSING PLANT
SYZRAN OIL PROCESSING PLANT http://www.rosneft.com/Downstream/refining/Refineries/Syzran_Refinery/
ACHINSK OIL PROCESSING PLANT http://www.rosneft.com/Downstream/refining/Refineries/Achinsk_Refinery/
PJSC SARATOV OIL PROCESSING PLANT http://e-disclosure.ru/portal/company.aspx?id=3707
JSC Petrol Complect Equipment Company
JSC RN-The Capital http://e-disclosure.ru/portal/company.aspx?id=24325
Foreign Subsidiaries:
ROSNEFT TRADING S.A.
ROSNEFT TRADE LIMITED
Other
JSC RN-HOLDING http://e-disclosure.ru/portal/company.aspx?id=6567
LLC OIL-ACTIVE
ROSNEFT FINANCE S.A.
JSV ALLRUSSIN BANK OF REGIONAL DEVELOPMENT
IMPORTED PROCESSING EQUIPMENT AND SUPPLIERS BRANDS
EMPLOYEE COMPETENCE AND ORGANIZATIONAL STRUCTURE
EMPLOYEES DISCLOSED INFORMATION
http://www.rosneft.com/news/pressrelease/13052014.html
CHANGES IN ORGANIZATIONAL STRUCTURE
http://www.rosneft.com/news/pressrelease/250520152.html
http://www.rosneft.com/news/pressrelease/22042016.html
DIFFICULTIES OF EXPORTING

7. IMPORTANT INTERNATIONAL BUSINESS TRANSACTIONS AND DEALS SINCE 2012
2012 Rosneft President Eduard Khudaynatov
ExxonMobil Kara Sea, Sonatrach, Algeria’s national oil company, Eni, Statoil ASA;
2012 Rosneft President Igor Sechin
GE; Glencore International plc and Vitol; Saras Sign S.p.A (50/50 Joint Venture) Italy.
2013
PKN Orlen S.A. (Czech Republic 30.06.2016); Total (12.2015); Marubeni Corporation; Mitsui & Co., Lt; INPEX; Corpora-
cion Venezolana del Petroleo (CVP) (PDVSA); PetroVietnam; TNK-BP 100%; Trafigura (5 years contract-trading); CNPC;
WWF; “Joint Statement of Interest to invest in the energy sector of the Republic Croatia”; $ 2Bln Long-Term Load from
China Development Bank, SOCAR; Nairit Plant; Inigushetia Extend Cooperation; Heads of Agreement on Rosneft’s ac-
quisition of a 51% interest in Petroresurs LLC with the Director of Lundin Petroleum AB (http://www.rosneft.com/news/
pressrelease/02102013.html); Sinopec; Agreement on Development of Engineering and Shipbuilding Cluster in Russia Far
East (http://www.rosneft.com/news/pressrelease/13112013.html); Pirelli & C. S.p.A; HRT (additional 6% in Solimoes
project (Rosneft Brazil receiving 51%)); Oil Techno (Armenia); Agreement to purchase the Global Oil Merchanting
unit of Morgan Stanley Commodities division (http://www.rosneft.com/news/pressrelease/231220132.html) ter-
minated in 2014 (http://www.rosneft.com/news/pressrelease/221220142.html).
2014
Science, Research & Development Center with GE; Heads of Agreement with Pietro Barbaro Group on acquisition of 95%
share of Prime Shipping Group of Companies; GNC Galileo S.A.; SeaDrill & North
Atlantic Drilling Ltd. (agreement is up to 31.05.2017); BP Exploration Operating Company Limited;
Alstom; Union CubaPetroleo (CUPET); Mubadala Petroleum; ONGC Videsh Ltd.; Empresa Nacional Hidrocarbonetos De
Mozambique, ENH; Yokogawa Electric Corporation; BP Oil International Limited; Petrobras; Weatherford International
plc.; deal on purchasing of 50% share of Camfin S.p.A new shareholders Pirelli & C S.p.A. (http://www.rosneft.com/news/
pressrelease/11072014.html); Essar Refineries (India); Acquire 16,67% Share in PCK Raffineria GmbH by sign a Term
Sheet with Total; trilateral agreement with Rostec and Finmeccanica - AgustaWestland on AW 189 Helicopters production
in Russia, localization is planned up to 2025; deal to acquire 49% share of Petrocas Energy International Limited; Shell
Aviation.
Joint Arrangement: Pre deal: Acquire 16,67% Share in PCK Raffineria GmbH by sign a Term Sheet with Total;
2015
Golar LNG Limited; Air BP; deal with PetroRio on additional 55% of the Solimoes Project and completed transaction on
100% of control and full operation-ship of the project; CIMC Enric Holding Limited; Purchase of 100% share of Prime
Shipping Group of Companies; Skyland Petroleum Group (SPG); Egypt General Petroleum Corporation; Possible of Pros-
pect of cooperation Rosneft and Pertamina; ChemChina; deal on 30% Share in HeliVert; supply contract between Rosneft’
structured Company RN-Aircraft and Viking Air Limited (Canada); triple agreement between Rosneft, Avesta Chemical
(Suisse) SA and Manzhouli Far East Gas Co. Ltd; Japan Drilling Co. Ltd. (JDC), deal with ONGC on sale of 15% and
shareholder agreement related to management of Vancorneft, JSC; China Petrochemical Corporation (Sinopec); Rosneft
JV Projects (Luxembourg) deal on sale of 8,99% share in Saras S.p.A. through the Offering (only to qualified Investors);
Extended Delivery Agreement with Poland Concern Naftowy ORLEN S.A. (PKN orlen) up to 01.31.2019;
Oil India Limited and Indian Oil Corporation Limited; closing transaction for the divestment of 50% share in Polar Lights
Company, LLC;
Acquisition of LLC Petrol Market Company 100% Ownership interest, Armenia
Acquisition of assets from Weatherford International plc. Venezuela
2016
Oil India Limited and Indian Oil Corporation signed a legally binding share sale agreement on 29,9% in Taas-Yuryakh
Neftegasodobycha; Siemens; information on joint venture with PDVSA in Venezuela (http://www.rosneft.com/news/press-
release/200220162.html); China Heavy Industry Corporation Nantong (CHIC); Suzhou Dafang Special Vehicle Co. Ltd.;
Rosneft in Indonesia (direct supplies (shipments) and cooperation with Pertamina); Rosneft and Hellenic petroleum Agreed
on Crude oil and petroleum sale (http://www.vedomosti.ru/newsline/top/business/news/2016/05/26/642551-sechin-hel-
lenic-petroleum)
CURRENT MARKETS
*Poland; China; Deposits/Investment: Venezuela; Canada, Vietnam
PROSPECTIVE MARKETS
Indonesia, India, Greece
COURT PROCEEDINGS

8. POSSIBLE RISKS
a reduction in the value of an asset with the passage of time;
foreign currency risk (the company may involve the use of derivative instruments or cash flow as a
hedged item);
credit risk;
PERSPECTIVES OF DEVELOPMENT AND COOPERATION
Arctic offshore
***Increase development drilling by at least 30 YoY
***New wells completion plan - over 2,500 wells of which no less than 30% are horizontal wells
**Further enhancement of drilling efficiency
Possible localization of the subsea production systems, negotiating with General Electric, FMC technol-
ogies and Aker Solutions (source Innopraktika)
RATING
26.04.2016 - Confirmed Ba1 (Negative) Moody’s rating
COMPETITORS IN ANALOGOUS INDUSTRY
National Petroleum Companies
Saudi Arabia, China, USA, Iran
FUNDAMENTAL ANALYSIS FOR LISTED COMPANY
LONDON STOCK EXCHANGE FUNDAMENTALS
http://www.londonstockexchange.com/exchange/prices/stocks/summary/fundamentals.html?four-
WayKey=US67812M2070USUSDIOBE
**Debt profile by currency:
Foreign currency 89%
Rubles 11%
Long-term bank loans
US$ LIBOR+1%-LIBOR+3.50% | 2016-2029 - 1,665 | 2015
EUR EURIBOR+0.35%-EURIBOR+2.40% | 2016-2020 - 79 | 2015
RUB 7.50%-15.8% | 2016-2021 - 41| 2015
AMORTIZATION/LIFE CYCLE
“Components of other property, plant and equipment and their respective estimated useful lives are as fol-
lows:
Property, plant and equipment Useful life, not more
Buildings and structures 30-45 years
Plant and machinery 5-25 years
Vehicles and other property, plant and equipment 6-10 years
Service vessels 20 years
Offshore drilling assets 20 years
Land generally has an indefinite useful life and is therefore not depreciated.
Land leasehold rights are amortized on a straight-line basis over their expected useful life, whice averages 20
years.”
AGREEMENT TO DISSOLVE
“Rosneft and BP Sign Agreement to Dissolve the Joint Venture Ruhr Oel GmbH as Part of German Refining
Venture Restructuring
A binding agreement to dissolve the existing refining JV Ruhr Oel GmbH (ROG) under restructuring
German refining petrochemical venture process was approved by the Rosneft Board of Directors at the meeting in December
2015. When the restructuring is completed later this year, Rosneft will become a direct shareholder and increase its shareholding
in the http://www.bayernoil.de refinery from 12,5% to 25%; the MiRO refinery from 12% to 24%; and the PCK refinery - from
35.42% to 54.17%. In exchange, BP will consolidate 100% of the equity of the Gelsenkirchen refinery and the solvent produc-
tion facility DHC Solvent Chemie. In December of 2015, Rosneft received approval of the deal from the Bundeskartellamt. The

9. restructuring of Ruhr Oel GmbH will enable Rosneft and BP to re-focus their refining and petrochemicals strategies in Europe.”
http://www.bp.com/en/global/corporate/press/press-releases/rosneft-and-bp-sign-agreement-to-dissolve-
the-joint-venture-ruhr-oel-gmbh.html
COMMENT
**Rosneft Presentation Q4 2015
http://www.rosneft.com/attach/0/23/02/Rosneft_Q4_2015_IFRS_ENG.pdf
***Financial Statement
http://www.rosneft.com/attach/0/23/02/2015_Rosneft_FS_IFRS_ENG_SIGNED.pdf
Selected information will help to create an associated picture of the Russian Export Market.
Possible editing and updates. For educational use only.
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