Interim report for the quarter and six months ended June 30, 2008

Following the recent merger with Alliance Oil, which was completed in the second quarter 2008, the group announces the consolidated earnings for the integrated operations of the combined group for the first time.

• Total revenue increased by 126% to MUSD 869.2 (MUSD 385.4)* for the quarter and by 97% to MUSD 1 418.2 (MUSD 719.0) for the six month period.
• EBITDA amounted to MUSD 269.4 (MUSD 45.4) for the quarter and to MUSD 352.6 (MUSD 95.9) for the six month period.
• The quarterly net result amounted to MUSD 159.4 (MUSD 20.4) and the six months net result amounted to MUSD 205.3 (MUSD 44.3).
• Earnings per share amounted to USD 0.05 (USD 0.01) per share for the quarter and to USD 0.08 (USD 0.02) per share for the six month period.
• Oil production increased by 31% to 4,266,707 barrels for the quarter and by 32% to 8,317,869 barrels for the six month period.
• 6,388,642 barrels of oil were refined in the quarter and 12,894,498 barrels were refined in the first six months of 2008.

*Comparisons reflect Alliance Oil Company financial and other information for the quarter and six months ended June 30, 2007.

For further information:
Maxim Barski, Managing Director, telephone +7 495 956 4882
Eric Forss, Chairman of the Board, telephone +46 8 613 00 85.
Anton Klimenko, Head of Investor Relations +7 495 956 4882