4.10.Programme for Disposal of Non-Core Assets

Based on the Programme for Disposal of Transneft Group’s Non-Core Assets from 2011 to 2015, approved by the Board of Directors on 01 April 2011 (Minutes No. 7), Transneft disposed of 253 non-core assets.

The Transneft Board of Directors made the decision to close the Programme for Disposal of Non-Core Assets on 22 June 2016 (Minutes No. 12).

Based on Executive Orders of the Government of the Russian Federation No. 4863p-P13 dated 07 July 2016, the Board of Directors of Transneft passed a resolution (dated 14 October 2016, Minutes No. 17) to prepare and approve a new Programme for Disposal of Transneft Group’s Non-Core Assets and a new Non-Core Assets Register.

The Programme and the Register were prepared according to the Methodological Instructions of the Federal Agency for State Property Management (Rosimushchestvo) on Identification and Disposal of Non-Core Assets approved by Instruction of the Government of the Russian Federation No. ISh-P13-4065 dated 7 July 2016.

In 2017, following Executive Orders of the Government of the Russian Federation No. 6604p-P13 dated 18 September 2017 and the Methodological Recommendations on the Identification and Disposal of Non-Core Assets, approved by Directive of the Government of the Russian Federation No. 894-r dated 10 May 2017, Transneft Group updated its NCA Programme and Register. The Board of Directors of Transneft made the decision on 27 December 2017 to approve a new version of the NCA Disposal Programme (including the Transneft NCA Register) to be fully implemented by the end of 2019.

During the whole period of the Programme implementation, 4 NCAs were disposed.

In 2019, no NCAs were disposed under this Programme (Annex 2).

By the resolution of the Board of Directors of Transneft dated 20 April 2020 (Minutes No. 7), the Programme for Disposal of Transneft Group’s Non-Core Assets from 2011 to 2015 (the NCA) was declared completed.