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RUSSIAN OIL AND GAS APPOINTS WESTERN ADVISERS

 RUSSIAN OIL AND GAS APPOINTS WESTERN ADVISERS
 NEW YORK, Jan. 15 /PRNewswire/ -- Rosneftegas Corporation, the


recently established Russian Oil and Gas Corporation, announced today the appointment of Bankers Trust Company (NYSE: BT) and Daiwa Europe as its joint financial advisers.
 Rosneftegas is a joint-stock company created in October 1991. Its founders and owners are the 47 main oil production, exploration and related service enterprises of Russia that, together, account for about 90 percent of the oil output of the former Soviet Union. The corporation is based in Moscow, in the headquarters of the former Ministry of Oil and Gas Industry of the U.S.S.R.
 The aim of Rosneftegas is to transform and revitalize the Russian oil industry and bring its standards of efficiency and productivity up to internationally competitive levels. Echoing statements he made to reporters at The Hague in December at the signing of the Pan-European Energy Charter, Russian Energy and Fuels Minister Vladimir Lopukhin said that he intends to push ahead quickly and aggressively with plans to stimulate more competition in the energy sector, as a necessary precursor to further fundamental operational reforms. To that end, the assignment will include two main components: assistance in restructuring the oil sector, and the execution of specific projects with oil producing enterprises.
 Regarding the first, the corporation is looking to Daiwa and Bankers Trust to formulate and implement a comprehensive strategy for the reconfiguration of the industry, as well as for the future management of Rosneftegas and the individual oil enterprises. Among the options to be considered are the reorganization of certain existing enterprises as well as the possible creation of new, vertically integrated oil concerns with activities ranging from exploration through to petroleum product distribution.
 Concurrently, Daiwa and Bankers Trust will be expected to initiate the restructuring of certain enterprises (including implementing changes in ownership to accommodate wider domestic and foreign participation) as well as to design and execute several specific projects in cooperation with foreign investors. The advisers will also assist Rosneftegas and the enterprises in evaluating various business proposals received from Western oil companies. A consistent principle guiding these plans and projects was enunciated by Lev Tchurilov, president of Rosneftegas and former oil and gas minister, who stated, "We are earnestly tackling the problem of diminishing the government's role in the petroleum industry, in order to foster initiative, encourage competition and introduce greater efficiency throughout."
 Rosneftegas' chosen advisers, Bankers Trust and Daiwa, are two of the world's most prominent financial institutions.
 As a leading global merchant bank, Bankers Trust's activity is supported by a wide ranging network of operations in all major financial centers across the globe. It has extensive experience in cross-border advisory work, and has emerged as a leading adviser to governments and companies in Central and Eastern Europe. It also has a strong track record in energy transactions, having worked on advisory assignments on behalf of many leading private and state-owned international oil companies. Bankers Trust is serving as financial adviser to the Tobolsk Petrochemical project in western Siberia, the largest project currently being developed in Russia.
 Daiwa is one of the world's largest international investment banks. It has been ranked as the largest underwriter of bond issues for East European counties over the past 20 years, and has great experience in obtaining Western capital for these countries. In January 1990, Daiwa was appointed as financial adviser to the Russian Ministry of Finance, and has since then been advising on the establishment of capital markets in Russia. The existence of Daiwa's Energy and Resources Group and the specialized privatization teams, each of which is unique among Japanese institutions, has enabled the firm to establish itself as the clear leader among Asian houses in these fields of business.
 -0- 1/15/92 R
 /CONTACT: Thomas A. Parisi of Bankers Trust, 212-454-1686/
 (BT) CO: Bankers Trust Company; Russian Oil and Gas Corporation ST: New York IN: FIN SU:


TS -- NY024R -- 0163 01/15/92 16:22 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 15, 1992
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