NK RussNeft OAO came into existence in September 2002. During 2002 and 2003 the Company consolidated its business acquiring promising upstream assets. Initially the policy of the Company was aimed at setting up a high-performance competitive structure ranking among the leaders of Russia’s oil and gas sector and securing well-being of the communities in the areas of its operation.During the second stage of its development (2004) RussNeft integrated its own and newly acquired assets into a unified production structure. At the same time the Company actively and persistently stepped up its resource basis by acquiring new assets. In 2004, due to efficient management and consistent development policy, RussNeft was able to increase its crude oil production in five times bringing it to 10 million tons and to take a place among the ten oil majors of Russia. In 2005 the Company reached the main goal of completing the circle of its vertical integration. The past year proved the most fruitful in the record of the Company. RussNeft &＃8226; bought 2 oil refineries,&＃8226; increased its resources by 70%,&＃8226; commissioned the oil loading terminal in the Bryansk region,&＃8226; became a leader at the fuel market of Moscow and its province,&＃8226; successfully conducted its debut bond issue.