OJSC Oil Company Rosneft Consolidated Financial Statements

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ООО «Эрнст энд Янг»
Россия, 115035, Москва
Садовническая наб., 77, стр. 1
Тел: +7 (495) 705 9700
+7 (495) 755 9700
Факс: +7 (495) 755 9701
ОКПО: 59002827
Report of Independent Auditors
Shareholders and the Board of Directors
of OJSC Oil Company Rosneft
We have audited the accompanying consolidated balance sheets of OJSC Oil Company Rosneft, an open
joint stock company (“the Company”), as of December 31, 2008 and 2007, and the related consolidated
statements of income, changes in shareholders’ equity, and cash flows for each of the three years in the
period ended December 31, 2008. These consolidated financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these consolidated financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement. We were not engaged to
perform an audit of the Company's internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Company's internal control over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements, assessing the accounting principles used and significant estimates made
by management, and evaluating the overall consolidated financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
As discussed in Note 3 to the consolidated financial statements, the Company has not presented pro-forma
results of operations for the years 2006 and 2007 as though its significant acquisitions had been completed
as of January 1, 2006. These disclosures are required by SFAS No. 141 “Business Combinations”.
In our opinion, except for the effects of the matters described in the preceding paragraph, the
consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of the Company as of December 31, 2008 and 2007, and the consolidated
results of its operations and its cash flows for each of the three years in the period ended December 31,
2008, in conformity with accounting principles generally accepted in the United States of America.
March 2, 2009
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