www'pomor'com sources: 'Information' Russian Oil

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www.pomor.com sources'Information' gt Russian
Oil Gas gt Russian oil investment US
Dependence on the Persian Gulf also in
Russian.......Netbacks West versus Russian
DomesticMazeikiu Nafta visit, May,
2003Kirkenes NMC Meeting, April, 2003

• Jeffery Roberts
• Impivaara Securities Ltd Pomor Petrolem Ltd

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• LIVE REFINERY MODELS AT www.pomor.com
• ROTTERDAM TODAY CRUDE OIL
• TOTAL BARREL OF PRODUCTS
• 15TH JUNE 47
• 53 14
• 17TH DECEMBER, 2003 32
• 36 15
• TYPICAL XSU NO CRACKING 28
• 29 3
• ie loss after capital refining costs
• TORGILI (TYUMEN) PURE
• MAZOUT
• CRACKING FUEL OIL ONLY! 15
• 37 143
• ignoring Byzantine tarrifs

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• Natural Resources always interesting for
  foreigners
• Exploration is best - proven reserves attract
  too much attention
• Link new mining venture rare/strategic minerals gt
  manufacturing
• Not far from Gulf of Bothnia manufacturing N.
  Finland/Sweden
• Think East-W, NOT North-South POMOR natural
  economic area
• Salla-Alakurtti link for people/trucks to break
  mental N-S block

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• Set up 5m POMOR DEVELOPMENT in Russia West
  with
• real asset base in new businesses such as
  industrial minerals
• plus a few portfolio investments in enterprises
  it works with
• so help existing mines, utilities and banks in a
  practical way
• flexible capital base using partly-paid principle

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