Transcript of the beginning of the meeting:

Vladimir Putin: Mr Trutnev, we have discussed prospecting and the development of new deposits many times, including occasions at specialised institutions. You have the latest data on this year’s results. What are they?

Yury Trutnev: Mr Putin, the preliminary results for exploration over the outgoing year have been compiled. It can be stated definitely that the capacity of new deposits exceeds raw materials production rates of 2010. There is record growth in reserve replacement for oil – it is expected to be no less than 750 million tonnes, or 50% more than production. As far as new fields, mainly medium and small fields have been discovered – in the Irkutsk Region and the Yamalo-Nenets Autonomous Area.

In terms of natural gas – there is no less than 810 billion cubic meters, also with healthy reserves. The main groups of minerals are also fine. This is the sixth year   the replacement rates have been higher than production. We are fulfilling the programme for reserves replacement, which was updated in 2008.

Also, as you know, this year we adopted a strategy to develop the geological industry, aimed primarily at attracting investment in exploration. And we will fulfil it.

Vladimir Putin: Good.