OREANDA-NEWS. August 12, 2011. At its session held on 22 July 2011, the Board of Directors of OJSC ANK Bashneft adopted a number of decisions concerning the activities of the Company.

The Board voted to approve decisions on the issuance of securities and prospectuses of bond series 04 and 05 and exchange bond series BO-01, BO-02, BO-03 and BO-04:

• Bond series 04, with a total nominal value of RUB 10 billion and maximum tenor of 10 years;

• Bond series 05, with total nominal value of RUB 10 billion and maximum tenor of 7 years;

• Listed (exchange) bonds of the series BO-01 and BO-02, with nominal value of RUB 10 billion

each and maximum tenor of 3 years;

• Listed (exchange) bonds of the series BO-03 and BO-04, with nominal value of RUB 5 billion

each and maximum tenor of 3 years.

The total nominal value of bond issues is 50,000,000,000 (fifty billion) rubles.

These decisions were approved in preparation for the registration of the bonded debt and series of listed bonds, which, in accordance with Russian law, can be placed over a period of a few years (depending on the type of securities) following the date of their registration.

"The decision will allow the company to optimize its debt portfolio and lower the cost of servicing its debt," said the President of OJSC ANK Bashneft Alexander Korsik. "The Board of Directors has approved the use of financial instruments to raise funds, if necessary, for refinancing current debt obligations in the future. Moreover, this will enable us to make quick decisions and use the favorable financial market conditions for debt management."