Rusneftegaz can confirm that we have issued a full preliminary calendar for the 2025 fiscal year, with the most significant event set to be the disclosure of our consolidated financial statements on 1 April. This shall occur three days before our annual general meeting, where our executive leadership will convene with our key stakeholders to discuss the economic prospects for our corporation and approve any strategic decisions that may be implemented over the duration of the next year. Nonetheless, it should be noted that the board may also opt to host an extraordinary general meeting in the spring or summer following the completion of the review of our business structure, which was disclosed by our management at the end of September. If this were to happen, all prospective attendees would be notified accordingly at least sixty days prior to enable proxy or absentee ballots to be processed. Beyond this, the next twelve months are expected to progress as anticipated, with our company continuing to publish our production data four weeks after the conclusion of each quarter. All of these dates for the next year have been published in their entirety on our official website, but may be subject to change. However, our directors do not anticipate any major alterations to the timing of these events in the immediate future, and any potential modifications will be announced if deemed necessary. 

As our 25th anniversary celebrations draw to a close, it should be considered that we will be unable to respond to any inquiries in the midst of the festive period as a result of the increased number of staff vacations during the Christmas season. Consequently, we politely request to any of those of whom that may be affected by this to contact us as soon as it is practical to do so. Otherwise, a prompt reply may not be received before the New Year holidays end, and whilst all our communication channels will be monitored in this timeframe for any urgent communications, it will not be a priority for our enterprise to resolve any correspondences submitted after 24 December 2024. Subsequently, our organization will then return to full administrative capacity on 9 January 2025, and we will address all outstanding messages within one working day. This also includes all our partners, subsidiaries and affiliates, each of whom is similarly impacted by these events. However, it must be noted that all of our other commercial activities will continue as normal throughout this time, including all aspects of our production and trading programs, which shall be entirely unaffected. Considering the information contained in this bulletin, any questions pertaining to this announcement must be directed either via email or telephone without delay. We necessitate your cooperation and understanding in relation to this pressing matter.

Rusneftegaz marked the conclusion of our 25th anniversary year at an event on 22 November, where we acknowledged the achievements of our staff during what has been an outstanding twelve months for the company. Attendees at the dinner in Moscow included all the members of our board of directors, a number of our key stakeholders and a selection of other delegates. This was not limited to, but comprised of, various managers and senior personnel who have served us throughout the timeframe. Collectively, the entire contingent commemorated what has been a phenomenal period for our corporation, in which not only did we pass a key milestone in our corporate history, but also reported the highest revenue total from our operations. Whilst both of these are great accomplishments, perhaps the even greater accomplishment is that we are set to surpass this figure in our financial reporting next year, thus recording record turnover in consecutive years. At the end of the ceremony, our Deputy Chief Executive Officer, gave the following remarks:

“I would like to pay tribute to all of those who have won awards this evening, they have made an invaluable contribution to the progress of Rusneftegaz over the past year and some of them have done a truly fantastic job. I would also like to pay tribute to everyone else who has also worked for us this year, so many of our staff work so hard every day to make this company a success, and we are very grateful that they are working for us and not anyone else. To be honest, it has been an amazing year for us. Not only have we celebrated our 25th anniversary, but our business itself continues to go from strength-to-strength. At the end of the day, not many companies get to mark anniversaries like this, so it is definitely a major achievement, one that we should all be proud of. We are a company that is still going strong after twenty-five years now, and I think is more than fit enough for the next twenty-five.” 

On the night itself, the two major prizes of the evening were awarded to Anton Kirilov and Matvei Sechenov, who were named as Employee and Young Employee of the Year respectively. The former was instrumental in establishing our agrochemical trading business by producing voluminous research far beyond the expectations of his peers, while the latter became the youngest member of our workforce to oversee the monthly maintenance checks at one of our production sites in the Komi Republic. The immense contribution made these two individuals, in conjunction with the eleven other recipients of special commendations this year, are just some of the reasons why our organization has reason for optimism for the next twelve months. In addition to the aforementioned expansion of our fertilizer operations, which should come to full fruition within the next few weeks, the review into our corporate structure is also set to be finalized before our annual general meeting. If the proposed changes are approved, there will be announcements regarding any potential developments in due course. Ultimately, this could be a transformational period for our enterprise, and we remain grateful to all of our personnel who continue to work diligently for our success regardless of what may occur in the year ahead.

Following extensive talks with a number of our key stakeholders over the past six months, it has been resolved that we will organize a comprehensive review into our current corporate structure, ultimately contemplating both the extent and nature of any changes that could be formalized in the future. This has been instigated at the request of our majority shareholder, which has asked our board of directors to form an exploratory committee with the authority to make recommendations to our leadership in due course. As a result, it has been decided that our Deputy Chief Executive Officer, Aleksandr Filyurin, will take charge of this new commission, with the remaining members being appointed from both within and outside Rusneftegaz. As an organization, we feel that composing the panel in such a manner shall enable it to gain expertise from third parties, while also accounting for factors that are unique to our corporation. This is not limited to, but includes, our rapid economic development over the past decade, and the complexities of our multifaceted production activities. In response to this announcement, the head of the body overseeing this report delivered these remarks:  

“Firstly, I would like to thank my fellow board members for appointing me to this important role. I have worked for Rusneftegaz for a long time now, longer than I have worked with any other company, and I have seen it transformed from a local oil producer to a global energy company. To be honest, it has been a remarkable change, and a lot of us had to hard to work very hard to make it happen. Now, it is time to look at where we are at, not only within this industry, but within the wider world. When these talks started taking place last summer, the rest of the board and I agreed that what was being proposed was sensible and could work. To be honest, the company we have built in our time here does not resemble the company that existed when we first started out on this project, and it is time to acknowledge that. If we want to take what we have done any further, we need to make changes. These are exciting times ahead for us, what we are planning to do can take Rusneftegaz to the next level, and I promise that I will work with diligence and speed to submit my report as soon as I can.”  

Whilst this examination is set to be a significant undertaking for us, it should be noted that it has been almost a decade since our last major restructuring. In later times, Rusneftegaz has undergone a consequential transformation, with a plethora of new interests that have emerged in the years thereafter. It is also set to occur in the midst of our quarter-centenary celebrations, and is thus an apt moment to reflect upon our previous achievements, and contemplate how to advance our progression in both the near and distant future. This ultimately entails deliberating fundamental issues, such as whether there should be greater separation between the incumbent board of directors and our executive leadership, and if additional independent directors should be appointed to the former. Similarly, it also involves scrutinizing the suitability of any corporate partners or individual that has the capacity to facilitate the plans we delineate, and how soon these could take effect. Any investigations surrounding our global affairs will be the responsibility of Igor Migunov, who currently serves as our Director of International Operations, and will join Filyurin on the panel completing this task. Following his appointment, Migunov gave this statement:  

“I am very grateful that I have been given the opportunity to serve on this committee. My colleagues and I will work hard to make sure that this project is successful. Since I joined Rusneftegaz in 2019, I have worked on many projects with many unique challenges. I am optimistic that with this project we will be able to create solutions for the long-term benefit of Rusneftegaz and its people.” 

Perhaps one of the most pertinent matters this analysis intends to resolve is if Rusneftegaz can be listed on a stock exchange in the near term, and how this can be instigated, accounting for any alterations that may be necessary to commence this process.  Although at present we are currently the largest private oil production company in the Russian Federation, our leadership believes it is crucial to examine if listing as a public corporation would facilitate the further expansion of our activities. Growth deriving from a flotation of our shares would originate from an enhanced ability to access finance from alternative commercial sources, which could then be invested accordingly to fund and expedite our enlargement. Similarly, it would also significantly increase our regulatory requirements for both financial reporting and other disclosures, which may embellish our reputation amongst our contemporaries, and thus make us a more credible partner to conduct business with. Whilst this review is unlikely to have the scope or the effect of a similar internal report published in 2005 that resulted in the reformation of the Group and the consolidation of our operations, it is still anticipated to have a consequential impact on this enterprise.  

This is partially due to the fact that it is likely to precede a later, more extensive, inquiry into our current corporate activities. Both our ownership and our board of directors wholeheartedly believe that such an analysis is critical, with both our investment and research strategies due to be outlined across the next two years, with each requiring comprehensive preparation beforehand. Due to the sensitive nature of discussions that will be held in the weeks and months ahead, we will not be providing any further updates until this process has concluded, nor will we be publishing the final report once it has been approved by our executive leadership. However, any changes that arise in response to this study will be disclosed in due course, with subsequent briefings expected to be published by the end of the second quarter of this year. Likewise, any additional information regarding this subject shall be circulated solely to our staff, affiliates, subsidiaries and partners, and we will not be accepting questions from external parties with regard to these affairs at this present time. We necessitate your cooperation and understanding with this vital matter.

Rusneftegaz can today issue an urgent warning regarding the most aggressive fraud scheme that we have learned of in the history of our enterprise. Whilst we are regularly informed about duplicate and twin websites that are designed to create the impression of a genuine company, we were recently notified of a scam whereby potential customers met fake representatives of our corporation at an office in Moscow. This was arranged following numerous emails exchanged between multiple parties, during which the target was sent a draft contract, an irrevocable corporate purchase order, and a bank reference letter. Throughout the dialogue, the aspirant buyers were offered a broad range of petroleum products at substantially below market prices in vast quantities, far greater than we could extract or source. Likewise, the victims were also afforded the opportunity to have the oil delivered to a port of their choice without perquisites or preconditions, in spite of the fact that the location chosen would not have had the capacity to process such volumes. When the formal negotiations were held in the Russian capital, the buyer met with three individuals who introduced themselves as senior directors of our firm. The purchaser was then presented with a number of forged business cards and documents to give a veneer of legitimacy and competence, which ultimately gave the customer the confidence to begin contractual talks with the criminals.  

In the midst of these discussions, the imposters exerted no direct pressure to finalize the acquisition at that time, but told the prospective clients that the return on their investment would be considerable. Upon traveling back to their home country, the only communications that took place between both sides were electronic, through which the supposed sellers began to demand payment for additional services necessary to settle the non-existent arrangement. It was only at this stage that the plot was foiled after the client conducted due diligence and discovered that the account the funds were set to be disbursed into was in the name of an individual, instead of that of a corporate entity. Subsequently, it also emerged that these fees were also partially required to have the deal authorized by the authorities, which there is no need for under federal law. Similarly, upon further inspection, it was also noticed that the contact information used by the charlatans, including the registered address, telephone numbers, and email address, did not correspond to any businesses in Russia or abroad. In response to the scale of this deception, our Deputy Chief Executive Officer, Aleksandr Filyurin, remarked: 

​“I am very pleased that we managed to discover this fraud just in time before large financial losses could occur. It just emphasizes how important it is for anyone trying to buy oil to be vigilant against fraud. It is easy to attack the victims in all of this for their naivety and lack of research, but it could happen to anyone at any time. Fraudsters are getting better at committing these crimes; they are adapting to all the changes we make to prevent fraud, and are becoming more cunning and clever. There are obviously some schemes that are so basic that they are designed to trick only the most ignorant of buyers, but increasingly we are seeing new schemes that have obviously been premeditated and specifically created to target established companies. Personally, as someone who spends a lot of time researching fraud, I would recommend that anyone who wishes to buy oil products does plenty of research before they do anything they will later regret. Anyone looking to do a deal like this needs to work with an established broker to buy what they want directly from one of the major commodity exchanges.” 

As per the quote from our esteemed colleague, we continue to strongly advocate that all parties seeking to buy significant quantities of crude or refined petroleum should do so via an approved broker who maintains the capacity to work with a commodities exchange. This is due to the fact that as a corporation, neither Rusneftegaz nor any of our subsidiaries, partners, or affiliates will proactively send or initiate offers to sell such goods under any circumstances. Moreover, we do not utilize the services of any agents or intermediaries to market these fuels on our behalf, and we suggest that all those in receipt of such proposals report these groups or individuals to us as soon as possible. All potential clients must be acutely aware that criminals will typically use falsified documents with doctored contact details, and thus corroborating this with the materials published on our website serves as a convenient method to clarify if such files are authentic. Perhaps more concerning are the progressively bold attempts by the culprits to extort approximately two to five percent of the value of the deal from the victim prior to the settlement of the contract. In most cases, this payment pertains solely to the acquisition of the hydrocarbons, but we have also observed several instances where an outlay is demanded to meet transportation, storage, or notarization fees. We advise any individual who holds suspicions about someone claiming to represent us to approach our organization via any of the usual channels with utmost urgency. We necessitate your cooperation and understanding with this matter.