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.

Rusneftegaz can announce production results for the third quarter of the year as of and for the three months ended 30 September. These were prepared in accordance with all relevant standards but have not been externally audited. The full results are available to review via the associated section of our website:
 
Oil and Gas:

• The total oil production during the period was 1.498.220 barrels.
• The average daily production of oil was 16.285 bpd (barrels per day).
• The peak daily production through the month was 16.592 bpd.

 
Electricity:

• The total amount of electricity produced was 2,41 TWh.
• At the end of the reporting period, we maintained a power generation capacity of 1.860 MW.
• The installed capacity utilized during the period was 58,7%.

 
The details in this article are current at the date of this report and are believed by Rusneftegaz to be accurate and true. All information is disclosed as a summary and does not purport to be entirely complete. The material published is derived from our internal operational reports, with the data that these documents are reliant upon obtained from sources believed by our management to be reliable. However, our organization cannot wholly guarantee the accuracy or completeness of such information and will not be held liable for any errors that have arisen, nor will any of our employees, directors, officers, agents, partners, subsidiaries, or affiliates.

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 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 announce production results for the second quarter of the year as of and for the three months ended 30 June. These were prepared in accordance with all relevant standards but have not been externally audited. The full results are available to review via the associated section of our website:  
   
Oil and Gas:  

• The total oil production during the period was 1.515.423 barrels.  
• The average daily production of oil was 16.653 bpd (barrels per day).  
• The peak daily production through the month was 16.940 bpd.  

   
Electricity:  

• The total amount of electricity produced was 2,73 TWh.  
• At the end of the reporting period, we maintained a power generation capacity of 1.860 MW.  
• The installed capacity utilized during the period was 67,2%.  

   
The details in this article are current at the date of this report and are believed by Rusneftegaz to be accurate and true. All information is disclosed as a summary and does not purport to be entirely complete. The material published is derived from our internal operational reports, with the data that these documents are reliant upon obtained from sources believed by our management to be reliable. However, our organization cannot wholly guarantee the accuracy or completeness of such information and will not be held liable for any errors that have arisen, nor will any of our employees, directors, officers, agents, partners, subsidiaries, or affiliates.

Over the next four weeks, Rusneftegaz is to host a series of events for all of our staff across the globe to mark our 25th anniversary, which is being celebrated for the duration of this calendar year. Although the date commemorating twenty-five years since our incorporation does not occur in July, our management decided that it should be observed during summer to maximize the chance of good weather, thus enabling certain proceedings to be hosted outside. Taking this into account, every member of our workforce was invited to vote for their preferred activity to recognize this significant occasion, and therefore each individual shift has been allocated a fund to hold their own celebration this month. As a result, the type of festivities that are to be held ranges in both scope and size, with some opting to honor our quarter-century with celebratory drinks, whereas other groups have elected to have an evening at a bowling alley. Following this announcement, our Deputy Chief Executive Officer, Aleksandr Filyurin, gave this statement: 

“I am delighted to be part of our 25th anniversary celebrations. This has been planned for a long time, and it is great that our plans are finally coming to fruition. At the end of the day, this is a very significant milestone for Rusneftegaz, not many companies get to mark twenty-five years in business, especially in an industry like this where mergers and acquisitions are relatively common. Now, I have only been here for the last nine years of that, but we have managed to keep the company on track regardless of what has gone on in the outside world. You have to remember that Rusneftegaz has withstood a lot over this time, be that the financial crisis, a worldwide pandemic, geopolitical instability, you get the idea. It has been a turbulent time without doubt, but we have managed to survive it all and continue to get stronger. Now, we have a lot in our favor, we have staff that have the capacity to go above and beyond expectations, never mind the fact that we continue to innovate and expand where others do not.

Where our competitors have only focused on data and efficiency, we have always seen the bigger picture, and I think that is perhaps our greatest strength of all. I would like to thank all of those that have helped us reach this anniversary, from the staff on the ground, to those right at the very top. We have all, as a collective, made this happen. I, for one, am very proud to be here, and I am very optimistic for the future, and I hope that all my colleagues here are too. I think I say that every time I give one of these statements, but it is always true. I always wonder if this is the greatest era in our history, but I continue to be amazed by how this company continues to grow and expand. Quite frankly, there is no doubt in my mind that Rusneftegaz has an amazing future ahead, and I hope that I can stay here to see it.”  

Although our anniversary celebrations will last until the end of this year, we plan to hold a gala dinner in Moscow at the end of this month to mark the occasion and honor the achievements we have recorded since this company was founded in 1999. Attendees are set to include a number of distinguished guests, amongst them our board of directors and key stakeholders, in addition to a selection of managers and executives who have previously worked in notable roles within our organization. We have also invited and paid the expenses for all the staff who been associated with this business from its inception twenty-five years ago, in conjunction with a plethora of other employees who have served Rusneftegaz with distinction during this timeframe. On the night itself, we are set to distribute a variety of awards and commendations to these individuals to thank and reward them for their service to us, whilst also remembering many of their former colleagues who have been unable to attend this event.   

To mark this momentous occasion, we can also announce that we have commissioned a number of large celebration cakes in the shape of our new logo, which was updated last month. We intend to apportion as many slices amongst our personnel as possible, together with an assortment of memorabilia produced for our 25th anniversary. We can similarly confirm our intention to compile a compendium of images and videos associated with Rusneftegaz and our business during the past quarter-century, with this compilation to go on display for the first time at the aforementioned gala dinner. To facilitate this, we are requesting that anyone who has ever been affiliated with this enterprise to submit any digital records in their possession to form part of this collection via email. This will ultimately serve as a comprehensive record of our corporate history, and our eventual emergence as a billion-dollar global corporation. Any inquiries in relation to these events, or to offer any photographs to us, should contact our company via the usual channels at the earliest opportunity.