Press Releases

OJSC “Alliance” Oil Company, a subsidiary of Alliance Oil Company Ltd today
announced a proposed MRUB 5,000 bond offering. The proposed bond offering will
be subject to market conditions and is expected to be a RUB benchmark offering
with ten year tenor and three year put option. The company targets an interest
rate of 10-10.5 per cent per annum for the placement.

The Company has mandated Raiffeisen Bank and Bank of Moscow for this
transaction.

For further information please contact:

Arsen Idrisov, Managing Director, Alliance Oil Company, Tel.: +7 495 777 18 08
Eric Forss, Chairman, Alliance Oil Company, Tel.: +46 8 613 00 85

Also visit www.allianceoilco.com

Alliance Oil Company Ltd is a leading independent oil company with vertically
integrated operations in Russia and Kazakhstan. Alliance Oil has proved and
probable oil reserves of 526 million barrels, refining capacity of 70,000
barrels per day and a network of gas stations and wholesale oil products
terminals. Alliance Oil's depository receipts are traded on the Nasdaq OMX
Nordic under the symbol AOIL.