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Overview / Petroleum Product Sales / Commodity Exhange Trading
Gazprom Neft actively supports the development of commodity exchange sales of petroleum products in Russia as a mechanism to ensure efficient, fair and transparent pricing and sales of petroleum products. OJSC Gazprom Neft views commodity exchange trading as a mechanism for the wholesale marketing of petroleum products that helps to build a market indicator (index) that is recognized by everyone, including the regulators.

Gazprom Neft is a co-founder of CJSC St. Petersburg International Mercantile Exchange (SPIMEX) and has traded petroleum products there on a regular basis since November 2009. The Company regularly informs the Exchange of its petroleum product sales and production targets.

In 2012, the Company sold over 2 million tonnes of petroleum products in exchange trading, or 14.5% of its domestic market sales and 7.5% of its petroleum product output. Petroleum product exchange sales for 2012 break down as follows: automotive gasolines — 441,000 tonnes, diesel fuel — 879,000 tonnes, fuel oil — 605,000 tonnes, and jet fuel — 164,000 tonnes. These figures include SPIMEX transaction data. Based on results from 2012, the Company was recognized by the Exchange as the largest petroleum product seller.

In 2012, the Company registered over 15,000 off-exchange transactions, or 20% of the total number of off-exchange transactions registered by the SPIMEX for all other companies.

The Company regularly upgrades its automated off-exchange transaction registration system.

In 2012, Gazprom Neft became the first company in the history of the Exchange to receive the Last Resort Supplier status for forward market transactions on the SPIMEX at the closing of summer diesel fuel future contracts.

On an ongoing basis, the Company works to improve its business processes associated with the development of exchange trading technologies and instruments. Throughout 2012, the Company was actively involved in the drafting of a new version of the SPIMEX General Exchange Specification. It is expected to be adopted for use in the beginning of 2013.

2012 PETROLEUM PRODUCT EXCHANGE SALES BY OJSC GAZPROM NEFT

Source: Company data

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