Source: The FINANCIAL                           Date: 24 February, 2011

Anglo-Russian joint venture TNK-BP and the Mongolian Government Oil Agency last week signed a memorandum of understanding concerning the delivery of Russian oil products to Mongolia. In accordance with the memorandum, TNK-BP will consider the possibility of concluding mutually beneficial agreements with Mongolian companies on the delivery of oil products. The mix of products, delivery methods, technical characteristics, prices and terms of payment will be agreed between TNK-BP and the Mongolian participants, as determined by the Mongolian Oil Agency. In the case of such agreements being concluded, TNK-BP will then explore the opportunity of delivering oil to Mongolian refineries, as soon as their respective operations start.

“TNK-BP’s emergence into the dynamic and developing Mongolian market will help promote a competitive environment and to satisfy the growing demand for quality oil products. One of TNK-BP’s priorities is to diversify our sales markets, and the development of the Mongolian economy is opening up promising prospects for the expansion of our business in the country,” said Mr. Jonathan Kollek, TNK-BP Vice-President for sales, trading and logistics.