Press Releases

OJSC “Alliance” Oil Company, a subsidiary of Alliance Oil Company Ltd has today
closed the book and announced the pricing of a MRUB 5,000 rouble bond
(approximately MUSD 165 at the current exchange rate). The bond will have a ten
year tenor and a three year put option. As a result of book-building the
offering was oversubscribed by almost four times with the book totaling 19.7
billion roubles from more than fifty local and international investors. The
interest rate for the three year period is set at 9.75% per cent per annum.
Alliance Oil Company Ltd will guarantee the bonds through an irrevocable public
offer in connection with the offering.

The bond placement is scheduled for August 03, 2010.

Raiffeisen Bank and Bank of Moscow are acting as arrangers for this transaction.

“The successful placement of bonds in the Russian credit market allows us to
further extend our debt maturity profile, reduce financial costs and balance
debt currency exposure,” said Arsen Idrisov, Alliance Oil Company's Managing
Director.

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