Company news in July 2004

TNK-BP''s Vice President Elected Chairman of the Board of Directors of Verkhnechonskneftegaz

July 08, 2004, Thursday

The Board of Directors of Verkhnechonskneftegaz OJSC (a subsoil user of the Verkhnechonsk oil, gas, and condensate field, Irkutsk Region) elected Mr. Alistair Fergusson, TNK-BP''s Vice President, as its Chairman at a meeting on July 1, TNK-BP informed. As reported earlier, the new Board of Directors of Verkhnechonskneftegaz was elected at a general annual meeting of shareholders of the company on June 30 and comprised 4 TNK-BP''s representatives – Vice President Elvardi Stafilov; Mr. Hoil Conrad, Head of TNK-BP''s Department; Mr. Sergey Tulinov, Senior Advisor for Business Development Strategy; and Mr. Alistair Fergusson; 2 representatives of Norilsk Nickel GMK JSC – Mr. Grigory Potapov, Deputy General Manager; Mr. Mikhail Ossipov, Chief Expert, and also Mr. Valery Pak, General Manager of RUSIA Petroleum JSC, and Mr. Alexander Veledeev, Deputy Head of the Irkutsk Regional Administration. The capital stock of Verkhnechonskneftegaz is equal to RUR 300,000 and is divided into 30 million ordinary shares with par value of RUR 0.01. The major shareholders of the company are TNK-BP (approx. 63% of shares), Interros Holding Company (25.94%), and the Irkutsk Regional Administration (11.29%).

Source: INTERFAX

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