Expertise With Energy

Energy & Resources
Expertise with Energy

Integrated Solutions for the CIS Oil & Gas Industry
2

Table of contents
Why Deloitte? ..................................................................................................................... 3
Deloitte Touche Tohmatsu ............................................................................................... 3
Deloitte in the CIS ........................................................................................................... 4
Deloitte Oil & Gas Industry Group .................................................................................... 6
Assurance and Advisory Services ........................................................................................ 8
Enterprise Risk Services ....................................................................................................... 9
Consulting Services ........................................................................................................... 11
Tax Services ....................................................................................................................... 14
Legal Services....................................................................................................................16
Financial Advisory Services ................................................................................................ 17
Climate Change & Sustainable Resources .......................................................................... 19
Deloitte Academy ............................................................................................................. 20
Professional Standards ...................................................................................................... 21
Appendix 1. Representative Projects in the CIS Oil & Gas Sector ........................................ 22
Appendix 2. Our Leading Specialists .................................................................................. 27
Office Locations ............................................................................................................... 38
3

Deloitte in the CIS is a member of Deloitte Touche Tohmatsu
(DTT), one of the worlds largest professional services firms. We
are a worldwide network of practices, which allows us to deliver
outstanding, consistent services wherever our clients operate.
We are focused on delivering maximum value to our clients by paying
close attention to their needs, and fully utilizing our resources and
industry specific experience to develop necessary solutions.
With more than 150,000 people in nearly 140 countries, the member
firms serve more than half of the worlds largest companies as well
as large national enterprises, public institutions, and successful, fast-
growing global companies.
Our mission is to help our clients and our people excel. We strive to
assist emerging businesses and established multinational clients in
understanding markets in other areas of the globe.
Deloitte enjoys a balanced presence and strong market share in major
world economies and is the premier firm in much of the developing
world. Our professionals work in multifunctional teams that combine
the broad range of skills needed to meet the diverse needs of our
clients. Individually and as a team our experts bring insight, business
knowledge and industry expertise to each professional assignment.
Why Deloitte?
Deloitte Touche Tohmatsu
Global Profile with an Oil & Gas focus
Deloitte is the only fully integrated accounting/consulting firm
providing assurance and enterprise risk, tax and legal, consulting
and financial advisory services
150,000 people in more than 700 offices in nearly 140 countries
Global revenues of $ 20 billion for the fiscal year 2006
We are recognized as an employer of choice in more than 20
countries
Over 5,000 audit, tax, consulting and financial advisory
professionals focused on working with energy companies
across the world
Our Petroleum Services group is recognized as one of the
worlds leading providers of upstream and downstream oil
& gas information and analysis, as well as services such as
portfolio management, asset screening, economic modeling and
assistance with commercial due diligence and negotiations
4
Deloitte in the CIS
4
Deloitte began serving clients in the former Soviet Union in
1988. Today Deloitte has more than 3000 local and expatriate
professionals working in its offices in CIS countries: in Moscow,
St.Petersburg, Kyiv, Minsk, Tbilisi, Almaty, Astana, Bishkek,
Tashkent and Dushanbe. As evidence of our commitment to the
energy and resources sector, we have also set up offices on the
ground to serve our clients in key locations such as Yuzhno-
Sakhalinsk, Baku, Ashkhabad and Atyrau.
At Deloitte CIS local and expatriate professionals work closely
together, enabling us to achieve the right balance of skills for
delivering premium client service.
The CIS is evolving rapidly and we are constantly tailoring our
services to fit this unique market and to match the needs of our
clients. We are often called upon to develop new solutions to
current business issues. We have real experience in the practical
problems faced by companies in the CIS.
Our practice in the CIS spans the full range of services expected
of a Deloitte office anywhere in the world. In addition, we have
placed a lot of emphasis on industry and service line specialization.
As a result, we have established specialized industry practice
groups for the oil & gas sector, mining sector, electricity and
utilities, banks, consumer and industrial products.
Deloitte stands out for its annual growth rate in the CIS, which has
exceeded 50 per cent per annum over each of the last 6 years
clear evidence that the high quality of our services is appreciated
by our clients.
The profile of our client experience makes us a perfect fit for your
requirements. We aim to provide the best professional services in
the region, and to be recognized, by our clients and by our staff,
as the most effective and reliable firm in our industry.

Deloitte stands out for its annual
growth rate in the CIS, which
has exceeded 50 per cent per
annum over each of the last 6
years clear evidence that the
high quality of our services is
appreciated by our clients.
5
Mihsk
Kyiv
8aku
1bilisi
8ishkek
1ashkehI
AlmaIy
SI. PeIersburg
Moscow
AsIaha
Yuzhho -
Sakhalihsk
AIyrau
Dushahbe
Ashkhabad
5
Bill Page
Leader CIS Oil & Gas Practice,
Partner, Tax
bilpage@deloitte.ru

6
Deloittes Oil & Gas
Industry Group
The oil & gas industry is a global business, and our firm has
extraordinary credentials in helping both local and multinational
companies.
We monitor industry trends closely and listen carefully to what our
clients tell us about their need to ensure that they receive sound and
timely advice. In many cases we are the first to identify issues and
opportunities. We serve clients at all stages of distribution chain,
including oil & gas explorers, producers, refiners, distributors and
service companies. We work regularly with relevant government
agencies and industry associations. This diversity provides us with a
well balanced perspective and a tremendous base of experience.
We have built up a substantial team of advisers with extensive
experience in the oil & gas industries, including with the upstream
service sector and midstream and downstream projects, LNG and
gas storage.
Deloittes global team is comprised of dedicated financial and
operational consulting advisers, auditors, and tax and legal
specialists who provide comprehensive, integrated solutions
designed specifically for the oil & gas industry.
Our Moscow office is recognized as a center of excellence in oil &
gas and can offer clients a single point of contact to all of Deloittes
services and our global office network.
Our services address the range of challenges facing the industry in
todays CIS. These services are particularly in demand as business
process redesign, restructuring, deregulation, market liberalization,
competition, the implementation of new technologies, and
environmental issues are forcing major shifts in the sector.
Deloitte participates globally in many industry organizations,
including:
Independent Petroleum Association of America (IPAA)
National Petrochemical & Refiners Association (NPRA)
Oxford Institute for Energy Studies

United Kingdom Energy Institute
United States National Petroleum Council
American Gas Association World Petroleum Congress
United Kingdom Oil Industry Accounting Committee
In the CIS we are active in many organizations including local
branches of the American Chamber of Commerce and the European
Business Association.
Petroleum Services Group
The Petroleum Services Group (PSG) is a unique element of our
energy and resources credentials.
By using our Information Solutions and Consultancy Services and
drawing upon the expertise of energy professionals, PSG is perfectly
placed to help you analyze the latest activity and understand the
trends shaping the industry.
Our industry expertise, extensive databases, economic modeling
framework and data management technology is helping companies
to gain greater market insight and competitive advantage in this
fast-moving global industry. Our global decision support tools are:
PetroAsset upstream oil & gas licenses worldwide, by company
and by country
Ignite! enables users to visualize and analyze the entire
European gas value chain.
PetroView the leading desktop Geographic Information System
for major areas of oil & gas activity
PetroScope an Excel-based financial model capable of
analyzing oil & gas assets across the globe.
PetroReports: a suite of products designed to bring you factual
information and analysis of upstream activities within the oil & gas
industry.
CIS Experience in the Oil & Gas Sector

Our experience in the CIS extends through the whole sector, including exploration and production, transportation, refining and
marketing and the gas industry. Our expertise also extends to oil field services and related engineering and construction.
Our experience in Russia and in other countries in the CIS is wide-ranging and comprehensive, and our clients include major
international and local enterprises. We have a thorough understanding of the local enterprises as well as the financial and accounting
environment in which they operate. This knowledge has been accumulated through intensive work with national companies as well as
with major inbound investors.
7

Assurance and Advisory
Accounting assistance
Financial statement audit (IFRS, US GAAP & RAS)
Accounting system implementation and reorganization
Enterprise Risk Services
Internal audit services
Sarbanes-Oxley services
Control assurance
Internal control systems (ICS)
Risk Management
Corporate governance
Consulting Services
Cost accounting & cost management
IT systems strategy: selection & implementation
Operational excellence
Corporate strategy
Performance improvement
CFO Services (Financial management)
Fast close (the financial close and reporting optimization)
Budgeting & planning
Supply chain
Tax Services
Corporate taxation
Production Sharing Agreements /other special petroleum taxes
Indirect tax and customs
International tax
Transfer pricing
Environmental taxes
Compliance services
Tax dispute resolution
Mergers, acquisition and disposal taxation services
Tax due diligence
Tax planning, structuring, optimization and modeling
Tax audits
Legal Services
Corporate registration, structuring and reorganization
Corporate liquidation and bankruptcy
Due diligence
Contract analysis
Advice and preparation of supporting documents on labor matters
Mergers, acquisitions and disposals
Financial Advisory Services

Corporate finance
Corporate reorganization
Due diligence
Valuation services
Transaction support
Mergers, acquisitions and disposals
Financial modeling
Project financing
Petroleum Services
Worldwide asset analysis, modeling and scoping tools
On-call service
Multi- client studies
Gas strategy
Portfolio strategy and analysis
Transaction support
Economic modeling
Geographic information services
IPO services
Pre-IPO: IPO readiness assessment, IPO strategy development, IFRS
compliance, legal restructuring
IPO process: IFRS reporting, prospectus preparation, long form
report and working capital report preparation
Post-IPO: Implementation of best practices for corporate
governance, fast close implementation, information disclosure
policy development
Human Capital Services
Compensation & benefits
Human resources optimization
Performance management
Staff training
Deloitte Academy
IFRS academy
Risks academy
Academy of strategy & management
Academy of talent management
Executive education
The services we provide to companies in the

Oil & Gas sector in the CIS include:
8
Assurance and Advisory
Services
Audit
With more than 75 years in serving clients in the oil & gas industry,
we have the breadth and depth of professional resources to meet the
needs of the industry. In Russia, our resources team meets monthly
and is regularly updated by Russias leading companies on oil & gas
trends. Internally we continue to develop courses that all our auditors
undertake to better understand the operational aspects of the
industry.
Our firm has created a unique industry audit methodology for oil &
gas companies which allows us to support our clients operation, and
to serve the growing needs of local and international enterprises.
All our audit professionals use our global risk-based audit software.
The consistent application of our audit methodology enables Deloitte
to reduce both the time needed to complete our audits and the
workload of our clients staff.
Understanding Industry challenges
Oil & gas companies today face continued pressure to increase
production, decrease costs, maintain compliance with numerous
government regulations and standards and apply appropriate
Corporate Governance. This takes place in a dynamic business
Environment, where markets are uncertain, people are geographically
dispersed, the workforce is maturing, and collaboration and
teamwork is essential. The industry also faces a number of complex
accounting issues.
Accounting issues include:
Allocation of costs of finding, acquiring and developing reserves
Depreciation (amortization) of capitalized costs
The extent to which quantities and values of reserves, rather than
costs, should affect recognition, measurement and disclosure
How to define, classify, and measure reserves
Recognition of end of field and environmental costs
Understanding of license commitments
Service offerings:
Our in-depth knowledge of the accounting specifics of the oil &
gas industry, as well as valuable experience in auditing, allows us to
provide high value-added services, including:
Statutory and international audits
Accompanying services including the review of financial
statements prepared under IFRS, US GAAP or other local
standards
Transformation of financial statements to IAS or US GAAP or
other local standards
Assignments related to a specific audit area
Agreed upon audit procedures as part of special engagements
Development and implementation of internal control structures
Our Assurance and Advisory Services department encompasses not only

traditional audit services but a number of other value-adding services,
developed to address our clients business needs within the local oil &
gas environment.
Contact name
Colih 8rowh
Partner, Audit
colibrown@deloitte.ru
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Risk Management
Good risk management is good management. Oil & gas organizations
that can demonstrate that they manage risk well, have a clear
competitive advantage, through an optimal allocation of scarce
resources, rather than wasting management time fighting spot fires
and dealing with surprises. They are better able to withstand volatility
in their operating environment and appreciate the many financial
benefits of actively managing risk.
Deloitte offers the following services:
Development of enterprise risk intelligence
Process development and implementation for identifying,
assessing, mitigating and monitoring risk
Management capabilities with core management processes
Internal Audit Services
Senior managements need for timely and reliable business intelligence
has never been so acute. Management must therefore be in control
of all aspects of the organizations operations from the beginning of
upstream activities, through to final downstream activities. They need
to be able to quickly spot areas of potential risk and deal with them
before they arise. A professionally run,
vigorous internal audit function can not only identify risks, it can also
uncover previously hidden opportunities that can make organizations
more successful.
Deloittes internal audit services include:
Outsourcing/co-sourcing of internal audit
Establishment of internal audit function
Strategic assessments and transformation of internal audit
functions
Occupational Health and Safety assessments
Internal controls evaluation & testing
SOX effectiveness testing
Compliance, treasury, supply chain and other types of internal
audits
Capital Markets
Deloittes Capital Markets group within the CIS offers services and
expertise in the following areas:
Review and assessment of the organizations trading and treasury
risk management systems
Technical design of specific philosophies, structures, methods and
processes of financial risk management
Identification and assessment of risk exposures
Treasury risk management and assessments regarding the
efficiency of the Treasury function
Control Assurance Services
Deloittes experience shows that organizations involved in frequent
M&As such as those in the oil & gas industry often inherit an array
of new IT systems and infrastructure that must be aligned to the
existing systems in place. Deloitte can assist companies to assess
and evaluate risks associated with the design and effectiveness of
IT controls to ensure the critical IT systems deployed throughout the
organizations are secure, available, protected and are functioning in
accordance with the companys management intentions and industry
best practices.
Corporate Responsibility and Sustainable
Development Services
Corporate and social responsibility is about how an organization
generates shareholder value, whilst responsibly managing its activities
and their impact. Recent events in the oil & gas industry have
highlighted the importance of managing this area effectively and
transparently.
Taking a holistic view of an organizations Corporate and Social
Responsibility involves consideration of an organizations practices and
performance across the business value chain; in relation to business
ethics, human capital, responsible trading, community development
and environmental matters.
Enterprise Risk Services

Deloittes Enterprise Risk Services (ERS) practice is a global leader
in helping clients manage risk and uncertainty in every facet of
their organizations. We provide a broad array of services that allow
clients around the world to better measure, manage, and control risk
to enhance the reliability of systems and processes throughout the
enterprise.
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ERP Assurance Services
Enterprise Resource Planning (ERP) assurance services provide security
and integrity assessment services on integrated IT systems that
support corporate-wide business processes. Our ERS team helps
clients to mitigate risk exposures and assure control performance,
including maximizing the benefits provided by ERP technology
through pre and post-implementation reviews and ERP audits.
SarbanesOxley Section 404 Readiness Services
Sarbanes-Oxley (SOX) 404 Readiness Services assist oil & gas
companies to comply with Section 404 of the Sarbanes-Oxley Act of
2002. This provides CEOs and CFOs with increased confidence in the
companys internal control environment. SOX readiness services can
provide the following:
Training on the application of Sarbanes Oxley requirements
Documentation of existing business processes, risks and controls
Development and documentation of control objectives and related
controls
Provide recommendations for improvement of internal controls
Establishment of internal control self-assessment processes
Forensic and Dispute Services
Deloitte can assist clients to identify cases of financial fraud and other
unlawful actions. We estimate the extent of this fraud, minimize
the potential consequences, and develop management and control
systems aimed at preventing and detecting future fraud. Our
specialists assist clients in developing a reliable and effective corporate
management system that meets all current international requirements.
Deloitte Forensic Services in the CIS are part of the Deloitte European
Forensic Services network and provide expertise in four areas:
Forensic investigations
Business intelligence services and information support for
businesses
Counter-money-laundering services
Electronic information analysis (using Deloittes proprietary
DTective software).
Corporate Governance Group
Our Corporate Governance Group provides companies with the best
practices on applicable regulations for Corporate Governance and
with guidance for the Board of Directors and the Audit Committee.
We also help to implement Corporate Governance rules and/or
establish an Audit Committee within your organization and to
benchmark your organization against the best practices and standards
of Corporate Governance.
Our services include:
Board roles and responsibilities
Risk Management and Internal Control
Transparency and Disclosure
Contact name
1oahha Declercq
Partner, ERS
joadeclercq@deloitte.ru
11
Consulting Services
In the CIS we provide active support to our clients in order to
improve their business. We provide a full range of services to
improve client performance across the entire organization.
Strategy
Deloittes strategy practice helps senior executives address their
organizations most complex and challenging business issues,
enabling them to achieve and sustain superior overall performance
and returns.
The work we do includes:
Defining a corporate vision
Linking vision to tangible actions, objectives and goals
Market and competitive positioning
Industry analysis
Merger and acquisition strategies
Customer, product, pricing and channel strategy
Fundamental organization design and resource allocation
Portfolio and business unit positioning and restructuring
Strategic performance measurement and management
The linking of strategic and operational management and
processes
Turn-around and restructuring
Operational Excellence
Given our practical experience with best-in-class operators, we
understand the best practices in the oil & gas industry and can assist
you across a spectrum of operational improvement initiatives.
Loss management
We help our clients to define and implement methodologies that
help identify, categorize, report, analyze and eliminate losses.
Lifting costs
We help to define and measure lifting costs. Accessing best-in-class
benchmarks we help our clients develop methodologies to control
and reduce lifting costs and improve processes for enhancing
efficiency.
G&A costs
We help to measure, report, and reduce G&A costs in order to help
our clients achieve best-in-class results.
Maintenance of equipment
In a typical field with thousands of wells, there are tens of thousands
of pieces of equipment. Key practices we help our clients to develop
include: a sound maintenance strategy for each type of equipment,
good planning and logistics processes and a solid maintenance
system to track work and analyze results. The impact of using these
key practices is shown in improved ROA (Return on Assets).
Financial and management reporting
We help our clients to achieve best practice at drawing up flash
reports (with key financial and non financial indicators for top
management) very early in the month. Data should be consistent,
with the same figures used in the accounting as in the management
reporting. A key element in achieving this is our Fast Close
methodology that integrates processes, people and technology.
Procurement and logistics
To get the right material or service at the right time in the right
place requires best-in-class logistics practices. We have extensive
experience with all the tools and processes that improve operational
results through better procurement and more efficient warehousing.
CAPEX efficiency
Budgeting, planning and control aimed at understanding the actuals
versus budgets for:
time for project completion
costs
expected results (in the case of drilling, expected additional
production per well)
Our key offering in this area is support in implementing effective
AFE (Authorization for Expenditures) procedures. This was designed
for and by upstream operations, thus covering all the complex
functionalities required by an activity that demands strict CAPEX
control.
Significant changes in the oil & gas sector call for significant adjustments
to strategies, business processes and information systems. Often this
process of change gives rise to unique questions which can only be
successfully resolved by highly-skilled professionals.
12
Finance Function Transformation
The role of the Chief Financial Officer (CFO) has never been more
important or more broadly defined. The finance organization must
forge a proactive, value-added partnership that supports decision-
making throughout the company. The CFO and finance organization
must continually improve the entire corporations efficiency. To do
that, an integrated infrastructure must be developed to acquire and
manage your companys business information.
Our solution
Today, when missing a quarterly EPS estimate by a penny can drive
a companys value down 10% or more in one day, your reach now
extends far beyond the traditional reporting role. Responsibility for
managing corporate information resources rests with the CFO. The
CFO needs to gather, report, analyze and understand key business
drivers. With an overabundance of information coming from
multiple sources, the CFO must integrate and simplify information
gathering, analysis and delivery systems. One strategy capitalizes
on current IT infrastructure to create a single source, integrating
financial and operating information. Another reduces the finance
functions total cost by increasing the time spent on analysis versus
transactional processes. A third increases corporate performance
by improving core financial processes. Our thought leaders have
developed unique services addressing these strategies.
CFO Services is a set of Deloitte consulting services focused on the
needs of the CFO and the finance function. CFO Services:
Ensures development and implementation of finance
methodologies, processes and tools consistent with the
organizations business strategy
Brings extensive experience, deep industry perspective and
innovative ideas
Assists in identification of a finance strategy and vision to guide
the organization in achieving long-term effectiveness
Helps to ensure integrity in financial processes, systems and data;
Assists in transformation of financial and accounting processes
and helps to manage these changes effectively
Provides finance leadership for financial Enterprise Resource
Planning (ERP) engagements and ensures effective use of current
information infrastructure
Provides consulting capabilities within the Sarbanes-Oxley
environment
Human Capital Advisory Services
The purpose of our Human Capital Services is to drive our client
business performance by realizing the true potential of people and
deliver real gains to the bottom line by helping people develop.
We enable clients to lead and support significant organizational and
change initiatives, including mergers and restructurings, regulatory
programs, technology and process transformation projects. We
provide a range of learning and leadership services to improve
executive and employee performance.
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Organizational design
Corporate change and organizational transformation
Technology and process adoption
Learning and development
Corporate culture assessment and implementation
Talent management
Workforce strategy
Knowledge management
Development of an efficient corporate governance system
Enterprise Applications
Enterprise applications, commonly known as Enterprise Resource
Planning (ERP) systems, are the backbone of a companys
information systems. They can standardize and integrate all business
processes, as well as facilitate collaboration between the clients,
their customers and business partners.
The Consulting practices at Deloitte member firms have strong
alliances with all the leading enterprise applications vendors.
Deloitte helps clients IT organizations solve various challenges
through the integration of technology. Our Technology Integration
practice is categorized into three primary levels:
Solutions
Services
Support
Our specific areas of expertise include:
SAP
Oracle JDE
Technology Advisory
Technology Integration
Technology is a valuable strategic business resource, but alone it
can achieve nothing. We work with our colleagues from various
practices to solve our clients business challenges and implement
practical solutions.
Our solutions and services portfolio help our clients to:
Establish technology as a key enabler of business strategy through
the development of pragmatic IT strategic plans;
Shape, build, integrate and deploy solutions to drive
business performance;
Help IT organizations to achieve best-in-class performance;
Deliver specific technology solutions to address new business

issues.
Our service portfolio includes the following main service lines:
IT Strategy & Management
Information Dynamics
Architecture & Infrastructure
Outsourcing Advisory
Contact name
Omar IIcovici
Partner, Oil & Gas
Consulting
oitcovici@deloitte.ru
14
Tax Services
We offer a full range of tax solutions to help clients comply with the
regulations imposed by the tax authorities, minimize the numerous
tax liabilities confronting them, and deal effectively with the tax
authorities when disputes arise.
Oil & Gas Taxation
We have built a team of experts with specific experience in the oil &
gas industry. Our team is a combination of both local national staff
and international oil & gas specialists who are experienced in tax
and accounting for oil & gas companies, including the drafting and
negotiation of mineral extraction contracts and other petroleum tax
regimes.
We provide high value-added services, including:
Consultation on corporate taxation issues (profits tax, property
tax, oil & gas industry taxes, etc.)
Corporate tax structuring support in negotiating the tax aspects
of Production Sharing Agreements, and consulting on existing
PSAs
Tax reviews of company activities and the identification of possible
approaches to tax optimization
Tax structuring for investment projects
Assistance in obtaining and using regional tax concessions
Tax risk management and tax compliance reviews
Development of tax accounting principles and systems
Tax audits and tax compliance
Preparation of companies for IPOs or other ways of fundraising
International Tax
We offer a variety of creative ideas that can help maximize tax
efficiency.
We can help you:
Minimize the tax burden on your business transactions and
operations
Understand and keep pace with international tax developments
Make more effective foreign investment decisions
Maximize tax and operating benefits derived from business
restructuring
Develop sound policies to prevent or minimize adjustments and

penalties
Indirect Tax and Customs
Our team of indirect taxes and customs consultants specializes in
helping companies comply with the complex and rapidly changing
requirements for VAT, excise and customs duties in Russia and other
CIS countries.
Review of company activity from the point of view of indirect
taxes and customs legislation with the identification of risk areas
and the possible optimization of tax and customs payments
Analysis of contractual arrangements and related VAT, excise and
customs payments issues
Analysis of various customs regimes and their combinations
Managing projects for obtaining VAT and customs duties
exemptions related to the contribution of equipment to the
charter capital of a company
On-going consultation on the application of tax and customs
legislation
Transfer Pricing
Transfer pricing is a key tax issue that multinationals face both in
the CIS and abroad. Deloitte has developed extensive experience in
the area of transfer pricing, particularly within the Oil & Gas sector.
Our professionals focus on providing the full range of transfer
pricing services, from assessing risks to coordinating negotiations
with authorities. Our transfer pricing services are driven by a three-
pronged strategic approach to our clients needs.
Optimization
Identification of transactions subject to transfer pricing regulations
Assessment of potential tax risk exposure through the tax and
economic analysis of transfer pricing
Design of the most effective tax structures through a
corresponding alignment of transfer pricing
Advice on transfer pricing methods and on improving transfer
pricing strategy
The Oil & Gas industry in the CIS is unique, and any tax planning needs
to reflect this. Deloitte focuses heavily on the energy and resources
industries, and we are well positioned to advise our oil & gas clients on
taxation and tax optimization.
15
Support
Proactive documentation of the arms length character of transfer
pricing
Functional and transactional analysis, comparable searches
Preparation and delivery of information related to transfer pricing
and of supporting documentation for the tax authorities
Legislative Tracking, transfer pricing alerts, technical seminars and
training for clients
Defense
Assistance in negotiation of Advance Price Agreements
Assistance in disputes with tax authorities, development of tax
and economic arguments, design and implementation of defense
strategies
Support in litigation on transfer pricing issues
Tax Dispute Resolution
Tax risks and challenges from tax authorities can significantly affect
business operations, and often the very existence of a business,
in the CIS. Tax laws are full of gaps and ambiguities which can
adversely affect the development of your business.
Our tax dispute resolution team consists of highly qualified lawyers
specializing in tax laws and the settlement of tax disputes. Our team
possesses unique experience in the pre-court settlement of claims,
the preparation of cases, and representation in court during tax
disputes.
We provide the following services:
Tax advice in complicated legal situations (e.g. legal reclassification
of a transaction by the tax authorities, the tax consequences of
business structures, and recommendations for optimizing these
structures)
Pre-court settlement of tax disputes (legal support during
tax audits, preparation of objections to tax audits, and
representation during discussions of tax audit findings with the
tax authorities)
Representation in tax disputes in all types of proceedings
(development of a defense strategy, implementing measures
to prevent the collection of funds, the preparation of court
documents, and participation in court hearings)
Legal support for defending clients in disputes regarding activities
performed by the tax enforcement authorities
Mergers and Acquisitions

The M&A Tax Group for Deloitte CIS serves our clients in this
specialized and complex area. We work with a cross functional team
of corporate finance advisers, accounting specialists, due diligence
and legal specialists, and appraisers to ensure that all your issues are
covered seamlessly.
Within this service, we provide:
Tax due diligence for purchasers and vendor tax due diligence
Tax-based restructuring of target companies
Transaction structuring
Negotiation support for sellers or buyers
Post-acquisition restructuring
Optimizing the sellers financial and tax positions
Global Employer Solutions
Our Global Employer and Individual Solutions specialists will help by
providing:
Assistance with home and host country tax compliance,
representation, and negotiations with tax authorities
Advice on various matters related to the employment of foreign
staff
Long-term and short-term remuneration structuring
Tax advice on personal income tax, payroll taxes and other
individual taxes
Advising private clients
Advice on developing or extending a global stock or pension plan
Compliance Services
Deloitte provides all accounting and tax accounting services. The
typical services we provide, among others, include:
Full accounting and tax compliance services
Reviewing tax declarations prepared by the client
Preparation and submission of statutory tax reports to the
authorities
Restoration accounting and compliance consulting services
Secondment of personnel and the recruitment of financial and
accounting professionals
Payroll services
Just-in-time compliance services
Contact name
Bill Page
Partner, Tax
bilpage@deloitte.ru

16
Our Legal Services experts work in an integrated team with Deloittes
tax and corporate finance specialists to offer you effective assistance
in establishing and operating a business presence in Russia and
other CIS countries.
Corporate Services
Corporate consulting
Review/preparation of corporate documents
Corporate registration/accreditation
Reorganization, liquidation and bankruptcy
Legal due diligence
Corporate governance
Commercial Services
Contracts & distribution
Distribution schemes, including the preparation of contracts for
distribution chains
Consulting on wholesale, retail (direct sales), e-commerce
Preparation/review of different types of contracts (sales/supply,
service, warehouse services, agency, transportation & freight
forwarding, pledges, etc.)
Consulting on transactions with the Russian state authorities
Intellectual property
Coordination of patents, trademarks, and the registration of
service marks
Preparation/review of franchising and license agreements and
software license agreements
Consulting on protecting IP rights, know-how and commercial
secrecy, and structuring IP ownership
Preparation/review of confidentiality agreements
Information technology consulting
Real estate & construction
Structuring of transactions with real estate, including legal
consulting on matters related to the acquisition of ownership
rights for land and other real estate owned by the local or
national governments
Preparation/review of contracts (lease, sale, mortgage, etc.) for
land and other immovable property
Due diligence of real estate transactions and rights to land plots
and other real estate
Legal support for construction projects, including the preparation/
review of construction contracts, and consulting on shared

construction
Oil & Gas Industry Offerings
Consulting on environmental and subsoil use regulations
Consulting on certification and licensing issues
Preparation/review of mineral extraction agreements, contracts for
public needs, transportation contracts, drilling and other service
contracts, etc.
Due diligence of oil & gas companies regarding their compliance
with the law
Labor Services
Employment contracts
Pensions
Work permits
Financial Services
Securities
Insurance
Banking
Currency control
Stock option plans
Legal Services
A thorough understanding of the requirements of laws currently in force
is a must for a successful business. This is why the demand for highly
qualified lawyers in the CIS is constantly growing.
Contact name
1aIiaha Cromova
Partner, Legal Practice, CIS
tgromova@deloitte.ru
17
Financial Modeling
Identifying value drivers is key to estimating the value of your
business. We offer you a financial modeling service that can help to
accurately assess the financial implications of existing and potential
drivers and to develop tailored optimization strategies.
Deloittes specialists have considerable experience in building
business models, which can address both general investment
analysis issues, as well as handle more specific tasks, such as:
Scenario and factor analysis of a project or a business;
Simulation modelling;
Valuation analysis;
Monitoring operations and investment efficiency.
Our in-depth industry knowledge allows us to offer industry-focused
financial models, as well as a state of the art cost and factor analysis
and shareholder value diagnostics.
Financial Strategies and

Reorganization
We help our clients develop integrated programs to enhance
their value. Our assistance involves the development of growth
strategies, entry strategies for new countries and industry
markets, exit strategies, reorganization plans, and other
comprehensive financial instruments to help create value and
marketability.
Due diligence
Due diligence allow for the pre-sale diagnostics of a companys
operations. Due diligence provides:
An in-depth understanding of the companys operations
Identification and analysis of transaction risks
Support when negotiating the sale/acquisition of the company
Contact name
1aIiaha Cromova
Partner, Legal Practice, CIS
tgromova@deloitte.ru
Financial Advisory Services
Deloitte is one of the largest providers of financial advisory services in
the CIS and around the world. Our client base includes local and foreign
companies and banks, financial and industrial groups, investment funds
and other investors. Our team of experienced professionals ensures the
highest quality of services.
18
During a due diligence project, we focus not only on the analysis
of the companys assets and liabilities, and its operational results,
but also assess the existing and potential risks related to the
acquisition/sale of the company. Based on these valuations, we
indicate further steps to arrange the transaction and assist in its
effective structuring.
Mediation Services
Deloitte employs top professional consultants, and does not
become involved in corporate conflicts. This allows us to facilitate a
constructive dialogue between parties involved in a transaction or a
dispute to find mutually beneficial solutions.
Mergers, Acquisitions and Capital
Raising
We provide full assistance in M&A transactions, representing both
buyers and sellers. Representation of the seller usually includes
preparation of an information memorandum, financial modeling,
valuation of the business, a search for potential buyers, negotiation
of the basic transaction terms, the preparation of legal documents,
structuring, and closing the transaction.
When representing a buyer, we can evaluate the strategic rationale
for the acquisition of a target company, conduct valuation and
due diligence, assist negotiations, prepare legal documents, and
structure the transaction.
We can assist in selling a stake in a business, in structuring an exit
from the company for one or several shareholders, and in arranging
management buy-outs.
Deloitte also specializes in raising capital, including equity and debt
financing.
Transaction Services
An essential element of every transaction is the evaluation of critical
issues. We help clients determine the key financial and business
risks, the quality of assets, and the recurring cash flows of the
target. Our analysis can extend to the trading results of the target,
the historical analysis of sales, and cost trends.
After a financial investigation of the target, we provide a due
diligence report with detailed analysis and a summary for decision-
making. We can continue assisting a client through the transaction
process and help formulate financial clauses for a purchase and sales
agreement.
We also offer a full scope investigation of the transaction, including
an assessment of the tax and legal matters where identified financial
risks will be an integral part of our report.
Valuation Consulting
Value is a complex, multifaceted concept that must be properly
quantified and articulated for financing, transactions, strategic
management, and taxation and legal issues.
Our international experience and knowledge of the CIS market
provide us with the scope to estimate the value of a business or real
estate for:
Sales and acquisitions
Restructuring
Financing
Joint venture management buy-outs and buy-ins
Initial public offerings
Litigation
Statutory purposes
Contact name
Cerard Ui|Iehdaal
Partner, FAS
guijtendaal@deloitte.ru
19
Climate change is a global issue which demands a global response.
Today, many companies operate on a global basis and are looking
for a service provider with a global presence and that can interpret
the various regulations, opportunities, and constraints.
Climate change creates needs that cut across conventional service
offerings and companies can benefit from receiving integrated
services across audit, risk management, tax, consulting, and financial
advisory. Deloitte is not an investor, or traders in emissions markets,
and is in a position to give truly independent advice.
While climate change and renewable energy are relatively new
topics, Deloitte member firm practitioners have amassed a
substantial amount of experience. Services are provided around
the world in clean development mechanism (CDM) validation,
joint implementation (JI) determination, emissions verification,
assurance, strategic and tax advice for renewable projects, emissions
trading risk management, advice to governments on carbon policy
development, and more.
If your company needs assistance on a climate change topic, Deloitte
can help.
Climate Change &
Sustainable Resources
Contact name
PeIer 8urhie
ParIher, 1ax
pburnie@deloitte.ru
20
Deloitte Academy
Deloitte Academy is the leader in professional education in the
CIS. Our work is focused on the provision of professional expertise,
allowing our clients staff to acquire the competence essential for
their positions. By competence, we mean not only knowledge and
skills, but also the attitude to changes taking place in the company,
and the ability to make decisions and professionally assess situations
in accordance business requirements and ethical standards.
Deloitte Academy offers the following programs:
IFRS Academy
Leadership Academy
Academy of Talent Management
Academy of Risk Management
Academy of Strategy and Management
Support in preparing financial reports (IFRS/US GAAP
transformation, Fast Close)
Implementation of risk management systems
Strategy development and deployment
Developing future executives for companies
Talent management
Investment projects management
Development of the CFO function
Professional development programs
Deloitte Academy helps our clients change their thinking paths, transfer
knowledge, and support their corporate initiatives. We work with real
people and use real cases, statements from companies, strategies and
polices.

Contact name
Lvgehy Kaluzhhy
Partner, Academy
ekaluzhny@deloitte.ru
21
Deloitte and its member firms are committed to the highest levels
of ethics, integrity and quality. This is demonstrated by the member
firms business practices and client service standards, our leadership
behavior, and shared values.
We strive to do not only what is legal, but what is right. The staff of
Deloitte member firms has high professional and ethical standards
and demonstrates these standards every day through the delivery
of quality professional services. We understand that doing the right
thing means operating within the letter and the spirit of the laws
that govern our professions and the global marketplace.
Our Professional Reputation
We appreciate and sustain the trust placed in our firm by clients
and society, both locally and globally. The reputation we have
gained by carrying out our responsibilities to clients is the principal
foundation on which our services are based. It is our duty to ensure
that the trust we are given is always justified. The Shared Values
and Professional Ethical Principles that we have adopted and
strictly follow on a day-to-day basis help us to position our firm as
a global organization with one of the most recognized and trusted
professional reputations in the world.
Restrictions and Conflict Checks
You can be assured that Deloittes professional behavior always
adheres to the letter and the spirit of all applicable laws, regulations
and policies, including Deloitte Touche Tohmatsus professional
standards and the Sarbanes-Oxley Act.
Professional Standards
Ethics, integrity and quality are at the core of all activities in which
Deloitte member firms are involved.
22
Appendix 1
Representative Projects in the
CIS Oil & Gas Sector
Audit Projects
We were engaged by several large CIS oil & gas companies to
perform the statutory audit and audit of financial statements
prepared under US GAAP, IFRS, RAS, KAS and Canadian GAAP.
We were engaged by one of largest private Azerbaijan oil & gas
companies to perform PSA audits in Azerbaijan.
We were engaged to perform an audit of IFRS financial
statements for an oil & gas company operating in Western
Kazakhstan.
We were engaged to perform audits of financial statements,
prepared under US GAAP and KAS for an upstream company.
We also performed an analysis of the companys working chart of
accounts and chart of accounts according to US GAAP and their
mapping to each other.
ERS and Consulting Projects
We were engaged to conduct a two-year project for improving
internal controls for a major Russian oil company. This entailed
the review and assessment of internal controls over a number of
locations and processes identified as being material to the company.
We implemented a costing model for a major gas transportation
company.
We were engaged by a major Russian oil & gas company to
develop their Upstream ERP strategy. Our specialists provided an
analysis of best practices and international standards for upstream
applications, taking into account special Russian characteristics
and produced a 10 year roadmap and applications map for both
brownfields and greenfields.
We are currently helping to prepare a Group Financial Template
(GFT) for a major Russian oil & gas company and our team is re-
designing financial and back-office business processes as

preparation for a future ERP implementation.
We were engaged to perform a Gas base line audit for a major oil
& gas company. The project was aimed to maximize contribution
to shareholders value through the optimization of gas resources.
Our specialists established a transparent, accurate, comprehensive
and reliable system of gas (physical and data flows) measurement
and reporting throughout the company.
We are rendering financial and operating consulting for a major
Kazakh oil & gas company. Our team is re-designing budgeting
and planning processes, defining the lifting cost methodology in
order to benchmark the company against international best-in-
class operators.
We were assigned to develop new budgeting and costing
methods for a leading Kazakh oil company. We designed ABC
(Activity Based Costing), ABB (Activity Based Budgeting) and
CAPEX methodology. We also helped develop budgeting and
managerial accounting methodologies, defining requirements for
SAP.
We performed an Accounting Transformation Project (ATP) for a
major Russian oil & gas company which was designed to deliver
faster, more accurate and comprehensive financial information for
both internal and external needs.
We delivered consulting services to a gas company, regarding
the implementation of a uniform accounting policy and the
optimization of its business processes in Ukraine. The services
delivered will enable the company and other companies in the
group to optimize its business processes, develop the features
required for an ERP System and save the time necessary for its
implementation, as well as build up an efficient internal controls
system.
Deloitte CIS works as an integral part of Deloittes global energy and

resources practice.
23
Tax Projects
Tax Planning and Structuring
We advised an international consortium on the optimum tax
structure for a proposed cross-border gas pipeline.
We advised a number of Russian and international oil companies
on the development of tax-efficient oil trading structures both
offshore and within the Russian Federation.
We advised a mid-sized oil & gas company on options to
restructure its existing structure by shifting the location of
its intermediate holding companies from tax havens to the
Netherlands. Our work included step by step support with respect
to the implementation of the project, obtaining the relevant
clearances and advance rulings from the tax authorities, assistance
with closing down companies which were redundant in the new
structure and support with tax authority audits of the transaction.
We provided tax advice to a cross-border oil pipeline operator
including reviewing the tax implications of a proposed quality
bank.
We assisted a US based company involved in a major oil & gas
project to resolve a controversial audit by the tax authorities. This
included advising the client on a number of contentious points for
interpreting domestic tax legislation and the relevant double tax
treaty, working closely with the clients legal counsel to prepare
for litigation both in the domestic courts and at the level of the
Competent Authority, appointed under the US double tax treaty
and assistance to the client and its legal counsel in presenting the
case in a court.
We advised an integrated oil company on tax restructuring and
privatization strategy, including the efficient consolidation of
assets to attract investors and ensure successful privatization.
We assisted a major international oilfield service group on
evaluating and structuring the acquisition of a Russian oilfield
service business.
We provided assistance to the operator and shareholders of a
major CIS oil & gas project in relation to a proposed structure
for financing future investments. This included working closely
with internal counsel and external legal advisers to integrate
our proposed structure into the legal framework of the project,
detailed analysis of tax legislation and negotiations with the
authorities to resolve areas of uncertainty.
We assisted oil & gas companies to evaluate and structure
investments in oil & gas projects in Russia, Kazakhstan,
Turkmenistan and Azerbaijan.
We prepared for an international oil & gas company a
comprehensive analysis and description of the utilization of
production sharing agreements/contracts in Ukraine.
24
Tax Negotiation Support
We have produced detailed procedural rules for the tax treatment
and tax administration of certain transactions proposed by a large
Kazakh oil production company. We have clarified and confirmed
with officials contentious points that could have caused undue
exposure for the client. We also represented our client during the
negotiations of the agreement with the Kazakh government.
We have been involved in the negotiation of subsurface use
agreements. Work performed included reviewing and redrafting
contracts, optimization of fiscal terms, support with financial
modeling and face-to-face negotiation with the relevant
Governments.
We assisted a large foreign investor in resolving issues with the
Kazakh government regarding the interpretation of its investment
contract including confirming application of the most favorable
investors regime.
Tax Due Diligence
We performed a variety of tax due diligence projects for local and
international clients, including focusing on transfer pricing issues.
We performed tax due diligence of the joint activity of two
upstream companies operating in Ukraine for the purposes of an
IPO.
At the request of international financial institutions we performed
tax and financial due diligence of one of the largest distributors
and retailers of petroleum products in Ukraine.
Tax Dispute Resolution
We acted for contractors in major Russian PSAs in a variety of
disputes regarding VAT, property tax and turnover tax concessions.
We acted on behalf of a major US oil field service companys
Russian branch in court in a multi-million dollar VAT withholding
dispute.
We acted for a Russian oil pipeline consortium and its regional
subsidiaries in Russian courts and with other authorities on a
variety of tax matters, including double tax treaty protection, cost
deductibility, VAT recovery and enforcing property tax concessions
for pipeline equipment.
We assisted a Russian oil major in reducing tax and tax-related
criminal prosecution risks resulting from corporate restructuring.
We provided extensive support to a number of our energy
sector clients in the Caspian Region in negotiating a successful
conclusion to protracted and aggressive audits by the tax
authorities.
Transfer Pricing
We provided tax and transfer pricing advice on cross-border
transactions and cost reduction strategies involving many
countries including Russia for a major international oil, gas and
power trader. We helped the client incrementally reduce costs
through tax planning ideas and provided additional support
regarding the validity of internally generated tax advice.
25
We have examined the transfer pricing utilized by a large oil
producer to test if it is compliant with the Kazakh transfer
pricing regulations. Our professionals have also reviewed the
results of the two transfer pricing tax audits conducted by the
tax authorities. We have developed a defense strategy and
counterarguments for the client, collected supporting contracting
parties and third parties, prepared and successfully filed appeals in
the courts on behalf of the client.
We provided assistance to a major Kazakhstan oil exporter
to evaluate the impact of new transfer pricing rules on its
business model and develop documentation, pricing policies and
procedures to enable it to satisfy tax authority requirements.
Legal Projects
Legal Advice
We render consulting services for a major Russian oil & gas
company on a regular basis regarding corporate and commercial
law issues, subsoil use licenses, corporate approvals for major
transactions or related party transactions, currency issues, tax
issues and others.
We rendered consulting services for a large international oil
company regarding antimonopoly issues and carried out state
registration of the companys funds.
We provided extensive general tax and legal consulting on the
establishment of a legal presence of an international oil major in
Ukraine.
Due Diligence
We carried out legal due diligence on two companies to be
acquired by our client, a major Russian oil company. This project
included analyzing the legal compliance of the companies
foundation documents, and their corporate and management
structure. We also verified their licenses for subsoil use and rights
for use of the corresponding land. The engagement included
reviewing all of the target companies contracts.
We conducted due diligence of several Russian companies in
connection with the contemplated partial acquisition of gas
stations owned by them in the Russian Federation. We reviewed
the foundation documents of the target companies in order to
determine the corporate procedures required for disinvesting
assets. We established the target companies rights to assets
and land, checked their due registration and determined existing
mortgages.
We conducted legal due diligence on a Kyrgyz oil company, which
included mainly corporate and real estate issues, as well as the
financial obligations of the target and litigation.
FAS Projects
Due Diligence
We conducted financial due diligence on an upstream company
located in the Tyumen region. We reviewed the companys
financial position, capital expenditures, and related party
transactions. In addition, we advised our client on the export
regime for oil companies in Russia.
We conducted a comprehensive post-acquisition due diligence
over a recently acquired oil company. The key areas of
investigation were net debt, related party transactions, working
capital, tax status and compliance with mineral extraction licenses.
Financial Modeling
We developed a financial model and prepared investment advice
on the exploration and development of gas deposits and the
construction of processing facilities for a company in Russia.
We developed a detailed working capital model for a company
based in Russia in accordance with IFRS for auditors and banks.
We provided assistance to a major oil & gas company in
developing a financial model to help it evaluate and manage a
joint venture project in Russia.
We revised the financial model for an energy group based in
Ukraine, conducted sensitivity analysis and prepared forecast
financial statements under various scenarios.
Valuation
We provided valuation analysis of both upstream and downstream
operations of major companies for strategic decision making
purposes, for share swaps and minority shareholder buyouts.
We valued all tangible and intangible assets of a major oil & gas
company for financial reporting purposes, for acquisition purposes
and for the purpose of charter capital contributions.
We performed an asset valuation of a gas-processing plant for
asset swap purposes.
We performed a valuation of a start-up oil producing company
with the emphasis on project risks, scenarios and sensitivity
analysis.
We performed a business valuation of several oil & gas producing
companies for strategic/investment planning purposes in order
to estimate the fair price payable for a majority stake.
We performed representation services: financial model
development, information memorandum preparation and
executive presentation as a part of Deloittes overall task to clarify
investment concepts and prepare documentation to raise EBRD
26
financing for the construction of a large gas processing plant in
the Russian Far East.
Advisory
We provided financial advisory services for the Ministry of
Economic Development of one of the CIS states regarding the
privatization of its natural gas distribution network.
We provided financial advisory services for an oil companys debt
restructuring program.
Climate Change & Sustainable
Resources Projects
CDM-JI projects
We assisted in the development of a pilot project to upgrade a
rural electricity distribution system. In addition to finalizing the
Detailed Project Report, analyzing risks, and preparing a financial
analysis.
A subsidiary of the Deloitte member firm in Japan, Tohmatsu
Evaluation and Certification Organization (TECO), is accredited
as a U.N. Designated Operational Entity under the Clean
Development Mechanism (CDM).
Emissions trading risk management
We develop and document transacting processes and internal
controls for enterprises that transact emissions allowances;
assessing existing internal controls relative to leading practices.
We conducted risk assessment and implementing risk
management infrastructure for start-up bio-fuel companies.
Strategy and tax advice for renewable projects
We provided financial analysis support to an offshore wind
farm. The advice included the development of a complex project
financial model which was used to evaluate alternative financing
options, including separate funding for the construction and
operational phases and assessing the impact of the project on the
parent companys financial statements.
We provided support to a bio-methane producer who needed
to un-derstand the potential tax opportunities and challenges
associated with constructing new facilities outside its traditional
markets.
We assisted an agriculture co-op to prepare an independent
analysis of an ethanol terminal investment opportunity. A
market analysis was prepared and three demand scenarios were
developed for ethanol production. A competitive analysis of other
ethanol terminal investments in the target region was provided.
A high level analysis of potential margins for the client across the
supply chain was provided.
Emissions trading risk management
We developed and implemented an international structure
to minimize global taxes associated with a CDM project to
reduce emissions from multiple factories in the Middle East.
The engagement involved the evaluation of all potential income
flows, including the receipt of carbon credits, the development
of an efficient international structure, and the provision of
advice regarding corporate governance, treasury functions, and
accounting controls and reporting.
Emission verifications
Verification of emissions under the EU ETS. Member firms in
France, Germany, Hungary, and Austria are accredited and
conduct hundreds of emissions verifications each year.
We conduct verifications, establishment of baselines, and
assistance in reducing companies carbon footprints in markets
which do not yet have mandatory limits.
Assurance
We conduct risk assessments and assurance of energy and climate
policies, practices, and performance under international auditing
and assurance standards (IAAS).
Deloitte Academy Projects
We supported a program to transform financial reporting for
a major Russian oil company. Our experts participated in the
elaboration and delivery of programs on International Financial
Reporting Standards, comparison of IFRS and Russian Accounting
Standards and the new processes implemented in the project.
They also participated in developing and drawing up the notes to
the Unified Chart of Accounts for the groups companies.
Deloitte Academy conducted a seminar on IFRS for a large oil &
gas company.
We helped one of the major oil & gas companies to develop the
strategic potential of its executives. The program was developed
after an in-depth study of the current level of the participants
knowledge and skills. We based our solution on the individual and
group evaluation of the professional level of the executives with
high potential.
We develop a program methodology and delivered a testing and
training program to create within a major oil & gas company
awareness of its standard Integrated Risk Management System in
order to develop a common understanding of risk management
terminology and to clarify the necessity of identifying, assessing
and responding to risk environments.
27
Deloitte has nearly 200 partners in the CIS Region and many of these are
regularly involved in serving oil & gas companies. Here are a selection of
our most experienced specialists.
Bill Page Partner, CIS Oil & Gas Practice Leader, Tax
Bill Page is in the leader of CIS Oil & Gas practice and a Partner in the Tax & Legal Services department. He is a
tax professional with over 20 years experience. Bill has been working in the tax sphere since 1986, including 9
years in the CIS. Bill has extensive experience in the development and implementation of tax strategy and tactics
for multinational energy companies, the negotiation of hydrocarbon contracts, the management of due diligence
and tax reviews of target companies for foreign investors, and the management of various financing and business-
related issues, including the optimization of trading operations for energy and resources companies. Bill has also
worked extensively with construction and oilfield service companies, providing advice on cross-border transactions
and support in negotiating with local tax authorities, and helping clients involved in litigation on tax issues. Bill is the former co-chairman
of the tax working group of the Kazakhstan Foreign Investors Council and the former chairman of the tax working group of the American
Chamber of Commerce in Kazakhstan. He is a regular speaker at international conferences and has served as a director of the International
Tax and Investment Center (ITIC). Bill is a graduate of Oxford University and prior to joining the accounting profession in 1989, was a tax
inspector with UK Inland Revenue.
Justin Bancroft Partner, Energy & Resources Leader, West Region, Audit
Justin has more than 19 years of professional experience, the last 12 of those with Deloitte. He is the practice leader
of the Energy & Resource Industry Group in Ukraine and Belarus and has provided audit and advisory services to
both multinational and domestic companies in the region. Over the past 19 years, Justin has worked throughout
Central and Eastern Europe and in the United States. Justin has extensive experience in consulting on organisational
restructuring and increase of work effectiveness, development and presentation on technical training to audit staff
and client personnel regarding audit and accounting standards, internal control systems and procedures, audit
quality control methods, analyses of financial statements and data, preparation of financial statements in accordance
with IAS and US GAAP, organizational restructuring. he is a Certified Public Accountant and Internal Auditor.
John McIntyre Partner, Energy & Resources Leader, Caspian Region, Tax
John McIntyre joined the Deloitte tax practice as a Partner in June 2007 after a career of over 30 years in
International and Australian taxation specializing in the resources industry. Prior to joining Deloitte, John has held
the Head of Tax positions at Exxon Mobil Australia and M.I.M. Holdings (Mt. Isa Mines) and has both a technical
appreciation of and corporate perspective on the application of domestic and international tax regimes to the oil and
gas and general mining industries. Earlier in his career, John was a Director at one of Big Four firms in Melbourne,
and more recently a Consultant to Clayton Utz, Solicitors, Melbourne, with emphasis on advising clients in the
resources industry.
Appendix 2
Our Leading Specialists
Industry Group Leaders
28
Industry Group Leaders
James Balaschak Managing Partner, CIS Energy & Resources Leader CIS Client &
Industries
James Balaschak is the Partner in charge of the Energy & Resources industry group for Deloitte & Touche CIS. He
has extensive experience in international market development and creation of business plans for global markets,
including Russia and the CIS, Eastern Europe, Asia, South America and the Middle East. Jim came to Deloitte &
Touche from the position of Managing Director at Teledyne Corporation where he was responsible for all of the
Companys operations, business planning and expansion activities throughout Russia and the CIS. Jim has published
extensively in professional journals and holds several US and international patents. He is frequently invited to speak
at high profile events and was the Chairman of the American Chamber of Commerce in Russia in 2000-2001. He
holds an MBA in Economics and Finance.
Bill Page Partner, CIS Oil & Gas practice leader, Tax
Bill Page is Deloittes leader in the CIS Oil & Gas practice and a Partner in the Tax & Legal Services department. He
is a tax professional with over 20 years experience. Bill has been working in the tax sphere since 1986, including
8 years in the CIS. Bill has extensive experience in the development and implementation of tax strategy and tactics
for multinational energy companies, the negotiation of hydrocarbon contracts, the management of due diligence
and tax reviews of target companies for foreign investors, and the management of various financing and business-
related issues, including the optimization of trading operations for energy and resources companies. Bill has also
worked extensively with construction and oilfield service companies, providing advice on cross-border transactions
and support in negotiating with local tax authorities, and helping clients involved in litigation on tax issues. Bill is the
former co-chairman of the tax working group of the Kazakhstan Foreign Investors Council and the former chairman of the tax working
group of the American Chamber of Commerce in Kazakhstan. He is a regular speaker at international conferences and is currently a director
of the International Tax and Investment Center (ITIC). Bill is a graduate of Oxford University and prior to joining the accounting profession in
1989, was a tax inspector with UK Inland Revenue.
Justin Bancroft Energy & Resources Leader, West, Audit
Justin has more than 19 years of professional experience, the last 12 of those with Deloitte. He is the practice leader
of the Energy & Resource Industry Group in Ukraine and Belarus and has provided audit and advisory services to
both multinational and domestic companies in the region. Over the past 19 years, Justin has worked throughout
Central and Eastern Europe and in the United States. Justin has extensive experience in consulting on organisational
restructuring and increase of work effectiveness, development and presentation on technical training to audit staff
and client personnel regarding audit and accounting standards, internal control systems and procedures, audit
quality control methods, analyses of financial statements and data, preparation of financial statements in accordance
with IAS and US GAAP, organizational restructuring. He is a Certified Public Accountant and Internal Auditor.
Appendix 2
Deloitte Leading
James Balaschak Partner, CIS Energy & Resources Leader
Jim Balaschak is Managing Partner, Clients & Industries CIS, and CIS Leader, Energy & Resourses. He has extensive
experience in international market development and creation of business and market entry plans for global markets,
including Russia and the CIS, Eastern Europe, Asia, South America and the Middle East. Jim is currently serving a
number of large clients in the oil & gas and energy sector. Since 2003, he has been the Lead Client Service Partner
for TNK-BP. Jim has published extensively in professional journals and holds several US and international patents. He
is frequently invited to speak at high profile events.
Tax, Russia
Peter Burnie Partner, Tax
Peter Burnie is a tax partner within Deloittes Energy and Resources group in the CIS, and is based in Moscow. His
career includes time spent in Australia, South East Asia and more than 8 years in the CIS being based in Russia and
the Caspian. Throughout his career, he has worked with variety of energy and resources companies in the oil and
gas and mining sectors. As such he has extensive experience in advising on the tax aspects of a range of special tax
regimes applicable to extractive industries around the world. Peter has also led teams in a range of cross border due
diligence and tax review assignments. In addition, he has worked on the privatization of the power sector in the CIS
and continues to advise foreign investors in the sector. More recently, Peter has led the Climate Change practice for
the CIS with an emphasis on assisting companies in understanding the significant implications and opportunities arising from regulatory
developments in this arena.
Andrey Panin Partner, Tax
Andrey Panin is the partner in charge of the Deloitte Yuzhno-Sakhalinsk office. He is responsible to provide tax and
legal services to clients operating in Sakhalin and Russian Far East and manages a team of tax and legal professionals
working in our Yuzhno-Sakhalinsk office. Andrey started working for one of the Big Four audit and consulting firm
in 1995 and joined Deloitte in 2005. He has more than 12 years of experience in consulting companies operating on
the Russian and CIS energy and resources market. In the course of his career Andrey was responsible for consulting
major international and Russian companies in the area of Russian and international tax planning and tax optimization
(including issues related to operations under Production Sharing Agreements in Russia and CIS countries), structuring
of operations and establishment of business, cross border and domestic transactions, specific oil & gas tax regulations, as well as disputes
with tax authorities. Andrey graduated from the Moscow State University and holds a degree in Economics.
29
Sergei Voropaev Partner, Tax Dispute Resolution
Sergei Voropaev, the leader of Deloittes Russian Tax Dispute Resolution Practice, is a tax professional with over 14
years of experience. Sergei started practicing tax law in 1993. He has unique experience in representing clients in
Russian courts and in discussions with the authorities regarding Russian and international tax issues in a variety
of industries. He has particularly extensive experience of advising and representing Oil & Gas companies including
companies operating in Russia under PSAs. Sergei also advises clients on reducing their tax and public liability risks in
complex transactions, operating structures and tax criminal prosecution. He has been involved in drafting legislative
acts in the spheres of Russian tax and tax criminal law, as well as in rendering expert opinions for Russian high court authorities on tax
matters. Sergei has Masters degrees in economics and law from Moscow State University. He is a member of the Moscow Bar.
Svetlana Meyer Partner, Global Employer Services
Svetlana has specialized in various aspects of individual taxation, employment structuring and compensation and
incentives planning for more than 9 years. She has worked for a major professional services firm in London, and
has extensive experience in international tax law. She has a very deep understanding of the personal tax issues
of expatriates employed by Oil & Gas companies and oil services firms throughout Russia and manages the local
delivery of expatriate tax services to Shell and Exxon Mobil amongst others. Svetlana has a Masters degree from St.
Petersburg State University.
30
Audit, Russia
Natalia Golovkina Partner, Audit
Natalia Golovkina is a partner in the Audit department responsible for serving clients from the resources industries.
Natalia has been working with Deloitte CIS since 1996. She started her career as an auditing assistant, and then
as a senior consultant, gaining practical experience in applying audit procedures for companies from various
industry sectors. After her promotion to manager, Natalia began to specialize in serving resources companies.
At present Natalia leads audit projects for major resources companies. During her professional career Natalia has
gained profound knowledge of Russian and international accounting and auditing standards, as well as extensive
experience in consulting on implementing effective business management and improving accounting systems
and internal controls. Natalia is a graduate of the Economics Faculty of Moscow State University. She is also a qualified member of the
Association of Chartered Certified Accountants (UK) and a certified auditor (Ministry of Finance, Russia)
Colin Brown Partner, Audit
Colin Brown is an audit partner specializing in the Oil & Gas industry based in Moscow. He is a highly skilled
professional services partner with many years of Oil & Gas experience and a proven track record in developing
service practices in a variety of international locations. Prior to joining Deloitte, Colin has had more than 20 years
of professional experience with Big 4 firms, specializing in the Oil & Gas sector, including 6 years as partner in
charge of one of the other Big 4 Oil & Gas practices in Moscow. He is a well known professional in the CIS Oil
& Gas network. Colin is highly skilled in assisting clients in understanding the international Oil & Gas industry,
preparing them to enter the international finance markets (debt and equity) and working with credit rating
agencies, re-engineering finance functions, benchmarking projects, enterprise wide risk management and the
preparation and audit of consolidated financial standards under US, UK or International Standards. Colin has served a wide range of
clients over his many years of working in the Oil & Gas industry. Colin holds a BSc in Accounting from Liverpool University. He is a
Member of the Institute of Chartered Accountants in England and Wales and of the Society of Chartered Accountants of Liverpool.
Kelly Allin Partner, Audit
Kelly Allin joined Deloitte , Moscow in 2004. He is a Canadian Chartered Accountant and has more than nine
years experience in public accounting, focusing on the petroleum industry, complemented by several years as the
Finance Director and acting CFO of a Canadian public company. As the senior financial executive, he had extensive
involvement with the Board and the Audit Committee, and worked with commercial banks and investment banks
to raise both debt and equity. He has spent five of the last ten years in the CIS in various capacities. In addition to
Oil & Gas, and IFRS reporting, Kelly has experience in Sarbanes-Oxley readiness projects, working with production
sharing agreements, and audit committee and board level communications and presentations. Kelly graduated
from the University of Calgary and is a member of the Canadian Institute of Chartered Accountants (CA).
Enterprise Risk Services, Russia
Alla Usanova Partner, Enterprise Risk Services
Alla Usanova is a partner in Enterprise Risk Services (ERS) practice within Deloitte CIS. Alla has over 13 years
experience working with Big Four firms. Her industry specialization covers Oil & Gas and Technology, Media
and Telecommunications. Alla works with major Russian and foreign companies helping them to enhance their
internal controls, meet Sarbanes-Oxley compliance requirements, improve or establish internal audit function,
helping with risk management projects and other controls-related initiatives. Alla holds a Bachelors Degree in
Economics. She is a Certified Russian Auditor and Certified Public Accountant (CPA), USA.
31
Joanna Declercq Partner, Enterprise Risk Services
Joanna Declercq is a partner in Enterprise Risk Services department. For the last 11 years, Joanna worked in
Belgian and American consulting firms on international banking sector projects. Her responsibilities included
the assessment of credit and operational risk management, assessment of Basel II readiness, and building risk
management frameworks. After joining Deloitte in 2006, Joanna has been leading different projects dealing
with the implementation and optimization of internal control systems and risk management framework
implementation. Her industry specialization includes oil & gas and banking.
Consulting Services, Russia
Mark Franklin Partner, Consulting
Mark Franklin is Deloittes Consulting Practice Leader in CIS. He has been working on global ERP implementations
for over 10 years. Marks SAP experience includes projects in the United Kingdom, Denmark, Italy, Switzerland,
Turkey, Poland, Czech, Bulgaria and Australia. He also has extensive experience in the creation of shared service
centres to support single instance implementations. He specialises in leading major IT transformation projects,
having spent the last year and a half as the applications and consulting lead on the largest SAP based Payroll
BPO project in Australia. During his time in Europe, Mark managed Deloittes Central European SAP Consulting
practice. Mark has two university qualifications, a cum laude computer science degree and an honours in
accountancy. Added to this he has a Certificate in Accountancy from South Africa and is a professional Chartered Accountant of
Australia.
Omar Itcovici Partner, Consulting
Omar Itcovici is a partner in the Oil & Gas Consulting Practice, within Deloitte CIS. Omars functional expertise
covers most of the industry value chain, and he has worked in projects that touched drilling, capex control, crude
oil sales and trading, field production, maintenance of equipment, in-bound logistics, and financial processes. He
has developed various methodologies for consulting engagements in the industry, especially in Oil Field Operating
Model redesigns and Field Unit Costs optimization initiatives. His field experience covers from mature on-shore
under secondary recovery fields to high pressure gas fields, and has worked in sites in West Siberia, Patagonia,
Venezuela, Bolivia and Brazil. Omar graduated with a degree in Industrial Engineering from Buenos Aries Institute
of Technology and has successfully completed various specialized training courses in the Oil & Gas industry.
Dmitry Yakovenko Partner, Consulting
Dmitry Yakovenko is the partner in charge of Operations Excellence, a group within our consulting practice which
focuses on helping our clients improve their finance functions Dmitry has over 12 years of experience working
for Big Four firms as an IT and management consultant. During this time, he has performed numerous IT and
business performance improvement projects and gained extensive experience particularly assisting major CIS
Oil & Gas companies. In his role at Deloitte Dmitry has led teams in performing business process improvement
assignments, designing and implementing balanced business scorecard reporting systems and processes and
improving information technology aspects of operations. Dmitry holds a Masters degree in Physics from Moscow
State University and is an Associate of the Chartered Institute of Management Accountants (UK).
32
John Goldader Partner, Consulting
John Goldader is a Partner in the Deloitte CIS Consulting practice. John has extensive experience in the architecture
of large scale, strategically focused technology solutions for oil & gas clients and has worked in both Strategy/
Performance Management and Integration Technology practices. John has significant experience in creating robust
Technology strategies and roadmaps for multinational companies. He has worked extensively throughout Asia, Latin
America, North America, and Europe. Johns has worked in the Energy Industry for over 12 years. Prior to joining
Deloitte in 2006, John was employed by BearingPoint, Arthur Andersen and NASA. He holds degrees in Finance
and Mechanical Engineering from The University of Texas at Austin.
Legal Services, Russia
Tatiana Gromova Partner, Legal
Tatiana has been with Deloitte Moscow since 1991 and was responsible for founding the Tax and Legal department.
Prior to joining the firm, she worked as a civil and criminal trial lawyer and as head of the legal department at
a federal ministry where she also dealt with arbitration issues. She has extensive experience in providing legal
consulting to various entities, both Russian and multinational, on issues including the establishment of firms,
restructuring, liquidation and bankruptcy issues, as well as finance and labor law, and civil and international
law. Tatiana graduated in jurisprudence from the Moscow Law Academy and is a member of the Moscow Bar of
Advocates.
Tatiana Kokoreva Partner, Legal
Tatiana Kokoreva is a partner responsible for the corporate and labor law consulting group and works extensively
with companies in the oil & gas industry. Tatiana has outstanding experience in restructuring, including multinational
holdings and oil & gas and mining companies, also creation of new corporate strucrures. Tatiana has extensive
experience in development and implementation of corporate governance systems in Russian companies. She has
been working with Deloitte since 1991. Tatiana graduated from the Academic Law University of the Institute of State
and Law of the Russian Academy of Science and the Moscow State Linguistic University.
Financial Advisory Services, Russia
Gerard Uijtendaal Partner, Financial Advisory Services
Gerard Uijtendaal is the managing partner of Financial Advisory Services (FAS) within Deloitte CIS. Gerard has
over 15 years of corporate finance experience in Central and Eastern Europe and CIS countries. He has worked on
a variety of in-bound and out-bound cross-border transactions, and has provided advisory services to major banks,
investment and private equity funds, corporations and governments. Gerard has advised many foreign investors
in structuring cross border joint ventures in the financial sector, oil and gas, media and technology and consumer
goods industries. Gerard is a registered EDP Auditor and Controller (The Hague Business School) and a certified
auditor (AA).
33
Valery Belov Partner, Financial Advisory Services
Valery Belov is a partner with the FAS practice. His experience includes a wide variety of areas, with a focus on the
legal and financial aspects of corporate structuring as well as business operations for state, private and foreign
companies. Valery has extensive experience in the Oil & Gas, mining and power energy industries. His expertise
includes the business valuation of enterprises, project feasibility studies, joint venture and acquisition agreements,
corporate and business structuring, and lead advisory on all stages of business operation of entities involved in Oil &
Gas, aviation, shipping and telecommunications in the CIS and abroad. Valery holds an economics degree from the
Kazan Financial Institute, a law degree from Karaganda State University, Russia, and an accounting degree from the
London Business School in Montreal.
Alexei Voronkin Partner, Financial Advisory Services
Alexei Voronkin is a partner with Financial Advisory Services at Deloitte, Moscow. Alexei joined Deloitte in October
2003 after 3 years of employment with the Valuation and Real Estate Consulting Services department of another
international audit firm. Alexei has more than 9 years experience in the appraisal profession, including business
valuations, real estate appraisals, and machinery and equipment valuations. Alexei has managed or participated
in large-scale asset valuation assignments, including public utilities, major Oil & Gas and metallurgical companies.
Alexei holds an MSc in Mathematics from Moscow State University. He also has certificates in Asset Valuation and
Business Valuation from the Institute of Postgraduate Education at the Russian Economy Academy.
Anton Shulga Partner, Financial Advisory Services
Anton Shulga is a partner in Deloittes Financial Advisory Services, Moscow. He has broad expertise in appraisal,
financial analysis, financial modeling, and market research, as well as business valuation and memorandum
preparation. Anton has many years experience serving clients in various economic areas in relation to value issues
that arise during internal decision making, minority shareholders buyout, share swap, arbitration of property
disputes, and sales transactions. Anton is most experienced in the oil & gas, telecommunications, financial services
and fast moving consumer goods sectors. He has participated in more than 50 large valuation projects, amongst
them the business valuation of 200+ companies within a major Russian Oil & Gas group, including all upstream and
downstream operations for a share swap and minority shareholder buyout. Anton graduated from the Plekhanov Academy of Economics,
specializing in Financial and Investment Analysis.
Deloitte Academy, Russia
Evgeny Kaluzhny Partner
Evgeny Kaluzhny is the Partner in charge of Deloitte Academy and Professional Development Services. He
has extensive experience in providing services related to professional and organizational development issues,
including support and involvement in major transformation projects at CIS clients. Some of the areas he has
expertise in include financial reporting, risk management, IPO support, performance management, executive
development, and change management. His clients include some of the largest Russian oil & gas companies.
Evgeny has a Masters Degree from Bauman Technical University.
34
West Region
Grigory Pavlotsky Partner, Tax
Grigory Pavlotsky is a partner in Tax & Legal Department of Deloitte Ukraine. He joined Deloitte in our New York
office, USA in 1999 as a member of International Tax Department. He advised large US based multinational
corporations on issues of global restructuring, M&A, and structured financing. Grigory has also worked on
Global Earnings Mobility projects, realigning the worldwide supply chain of global multinationals. In Ukraine,
Grigory is mostly working with international clients on advisory and due diligence projects related to acquisition
of Ukrainian targets. He has a deep knowledge of the energy sector in Ukraine, in particular he has worked on
several projects in the oil & gas industry. Grigory is a Certified Public Accountant, State of New York.
Donald Teale Partner, Consulting
Donald Teale is the Partner in charge of Consultancy Services for Deloitte CIS, West Region, based in Kyiv. He is
an experienced consultant with both engineering and business qualifications, and has worked for a wide range
of clients through out Europe and Scandinavia. Donald has worked extensively in industries such as oil & gas,
Manufacturing, TMT, Retail, Transportation and Pharmaceuticals. In the Oil & Gas industry he has worked for
such clients as TNK-BP, Galnaftagas, Elf Total, Haliburton, Brown & Root, and Conoco Philips, providing services in
Project and Change Management, Performance Improvement, Strategy, Procurement, and Investment Analysis.
Stuart Smith Partner, Financial Advisory Services
Stuart Smith leads our Kiev Financial Advisory practice. He has 20 years of experience of working in the corporate
finance sector and has carried out a range of due diligence, valuation and lead advisory assignments for both
Private Equity and corporate clients across a wide range of industrial sectors including Energy and Resources,
Financial Services, Telecoms, Real Estate and Hospitality and Media as well as in the Consumer and Industrial
Products sector. He worked during his career in a number of locations including the UK, US, China, Germany and
most recently in the Middle East before relocating to Kiev in 2006.
Quentin OToole Partner, Audit
Quentin OToole is the partner in charge of Audit Services for Deloitte in Ukraine and Belarus. He has 17
years experience with Deloitte across a range of disciplines and clients. He has a valuable whole of business
approach coupled with a personable style which enables him to build long-term relationships with clients and
deliver service that exceeds clients expectations. Quentins wide range of commercial and business experience
includes company restructures, valuation of business, business viability reviews and due diligence assignments on
acquisitions. He has worked on a number of energy sector projects in Ukraine including one of the first IPOs of a
Ukraine upstream business.
35
Audit
Natalia Golovkina Partner, Leader of the CIS Oil & Gas Audit practice
Natalia Golovkina is a partner in the Audit department responsible for serving clients from the Resources industries.
Natalia has been working with Deloitte CIS since 1996. She started her career as an auditing assistant, and then
as a senior consultant, gaining practical experience in applying audit procedures for companies from various
industry sectors. After her promotion to manager, Natalia began to specialize in serving resources companies.
At present Natalia leads audit projects for major resources companies. During her professional career Natalia has
gained profound knowledge of Russian and international accounting and auditing standards, as well as extensive experience in consulting
on implementing effective business management and improving accounting systems and internal controls. Natalia is a graduate of the
Economics Faculty of Moscow State University. She is also a qualified member of the Association of Chartered Certified Accountants (UK)
and a certified auditor (Ministry of Finance, Russia)
Colin Brown Partner, Oil & Gas Audit practice
Colin Brown is an audit partner specializing in the Oil & Gas based in Moscow. He is a highly skilled professional
services partner with many years of Oil & Gas experience and a proven track record in developing service practices
in a variety of international locations. Prior to joining Deloitte, Colin has had more than 20 years of professional
experience with Big 4 firms, specializing in the Oil & Gas sector, including 6 years as partner in charge of one of
the other Big 4 Oil & Gas practices in Moscow. He is a well known professional in the CIS Oil & Gas network.
Colin is highly skilled in assisting clients in understanding the international Oil & Gas industry, preparing them to
enter the international finance markets (debt and equity) and working with credit rating agencies, re-engineering
finance functions, benchmarking projects, enterprise wide risk management and the preparation and audit of
consolidated financial standards under US, UK or International Standards. Colin has served a wide range of clients
over his many years of working in the Oil & Gas industry. Colin holds a BSc in Accounting from Liverpool University.
He is a Member of the Institute of Chartered Accountants in England and Wales and of the Society of Chartered
Accountants of Liverpool.
Kelly Allin Partner, Oil & Gas Audit practice
Kelly Allin joined Deloitte , Moscow in 2004. He is a Canadian Chartered Accountant and has more than nine
years experience in public accounting, focusing on the petroleum industry, complemented by several years as the
Finance Director and acting CFO of a Canadian public company. As the senior financial executive, he had extensive
involvement with the Board and the Audit Committee, and worked with commercial banks and investment banks to
raise both debt and equity. He has spent five of the last ten years in the CIS in various capacities. In addition to Oil &
Gas, and IFRS reporting, Kelly has experience in Sarbanes-Oxley readiness projects, working with production sharing
agreements, and audit committee and board level communications and presentations. Kelly graduated from the
University of Calgary and is a member of the Canadian Institute of Chartered Accountants (CA).
Michael Sturdivant Partner, Tax
Michael Sturdivant is a partner at Deloitte in the Caspian Region. He has over 12 years of professional experience
with the Big Four consultancy firms, including 5 years working in CIS. He has extensive experience in international
taxation, mergers and acquisitions, as well as multinational structuring arrangements. Michael has significant
experience in the development of tax strategies to suit the particular needs and situations of clients, having
served as a member of a regional tax products team in the US which focused on the development of new and
innovative strategies designed to maximize tax savings for clients. Michael has worked with a wide range of both
domestic and multinational companies doing business in the CIS particularly in the Oil & Gas sector. He advises
clients on developing the most tax advantageous business structures for their operations, establishing offshore financing and trading
centers in efforts to fully utilize the benefits of double tax treaties, and in structuring cross-border transactions to minimize tax costs and
expedite the repatriation of funds. Michael Sturdivant is a US CPA and holds a Juries Doctor degree from Mississippi State University.
Dina Turkina Partner, Tax
Dina is a partner in Deloitte, Caspian Region. Dina is a US CPA and holds an MBA degree. She has more than
11 years of professional experience with the Big 4 consultancy firms. Dina has been involved in tax consulting
projects for major oil and gas companies operating in Kazakhstan and in Azerbaijan. Her main areas of work
are corporate tax and special subsurface users taxation consulting for our oil and gas clients. She has a deep
knowledge of Kashagan and Karachaganak PSAs. In order to gain more experience, in 2004 Dina was seconded
to one of the oil and gas capital of the Western Europe Aberdeen. While working in the Deloitte Aberdeen
Office, Dina participated in tax consulting services rendered to the leading western companies operating in
Kazakhstan. For many international oil and gas clients Dina is the main contact person to address any tax and related issues associated
with their operations in Kazakhstan.
Aman Mussayev Partner, Financial Advisory Services
Aman Mussayev is a FAS partner in the Almaty office of Deloitte, providing transaction support services in
Kazakhstan and other Central Asian countries. Aman joined Deloitte in 2005 and possesses a wide professional
experience. Aman has previously worked in public accounting during which he provided services to large
multinational and local clients in the energy and mining sectors. Aman has also worked for more than 4 years as
the Chief Accountant in a large multinational offshore oil and gas project in the Caspian. He graduated from The
Pennsylvania State University and holds a Masters of Science degree in Mineral Economics. Aman also graduated
from South Kazakhstan State Technical University. He is a Certified Public Accountant and Certified Management
Accountant and Certified Auditor in Information Systems.
Daniyar Tursunkulov Partner, Audit
Daniyar Tursunkulov is an audit partner at Deloitte, Kazakhstan. He has over 9-years experience in auditing.
Daniyar has been involved in the audit of financial statements in accordance with the Kazakhstan Accounting
Standards, US Generally Accepted Accounting Standards, and Canadian Generally Accepted Accounting
Standards. He has an experience in various industries, including oil extracting & refining, mining, metallurgy,
banking and other. Daniyar graduated from Kazakh State Academy of Management. He holds an MBA in
Economics and Strategic Research.
Caspian Region
36
Nikolay Demidov Partner, Audit
Nikolay Demidov is an audit partner at Deloitte in Central Asia, specializing in the Energy and Resources Industry.
Nikolay is a Certified Public Accountant in the state of Maine, USA, as well as an active member of American
Institute of Certified Public Accountants. He also holds active Kazakh Audit Licenses for general audits of banks,
pension and insurance companies. Nikolay is also a Petroleum Accountant accredited by the Council of Petroleum
Accountants Societies. He graduated from the Kazakh State Academy of Management. In addition to his
experience in Kazakhstan he spent 2 years working as an auditor in the Houston office of another Big Four firm.
During this period he worked mainly on Oil & Gas clients.

Andrew Tan Partner, Consulting
Andrew Tan is the Partner in charge of Consultancy Services for Deloitte CIS, Caspian Region, based in Almaty
Kazakhstan. Andrew has over 20 years of management and IT consulting experience. Andrew has worked
extensively in industries such as Oil & Gas, Telecommunications, Financial Services and for the Public Sector. His
experiences cover business and IT strategy development for clients, process improvement/reengineering, program
management and large scale ERP implementations
Manuel Hutama Partner, Enterprise Risk Services
Manuel Hutama is an Enterprise Risk Services partner with Deloitte Kazakhstan. He has more than 13 years
working experience in the Big Four firms in Kazakhstan, Indonesia, Australia and USA and also practical industry
experience as a financial controller in a major company in Indonesia. Manuel currently leads the Enterprise
Risk Services department in the Caspian region and he is responsible for all stages of the engagements which
include planning, project delivery and managing relationship with key client personnel. Manuel has extensive
experience in the areas of internal controls and Sarbanes Oxley Act implementation, risk management, corporate
governance, internal audit as well as financial statements audit in different industries. His clients in the Oil &
Gas industry include ConocoPhilips, Baker Hughes, BJ Services, Gulf Resources, YPF Maxus, Medco Energi International and Trans Gas
Indonesia.
37
38
Moscow, Russia
125009 Moscow
Business Center Mokhovaya
4/7 Vozdvizhenka St., bldg. 2
Phone Number: +7 (495) 787 06 00
Fax Number: +7 (495)787 06 01
St. Petersburg, Russia
199004 St.Petersburg
Business Center Gustaf
36/40-K, Sredniy Prospekt
Tel. +7 (812) 703 71 06
Fax. +7 (812) 703 71 07
Yuzhno-Sakhalinsk, Russia
693000 Yuzhno-Sakhalinsk
Business Center Sfera
78 Chekhova Street
Tel. +7 (4242) 463 055
Fax. +7 (4242) 463 056
Kyiv, Ukraine
01030 Kiev
Business-Center Leonardo
17/52 Khmelnytskoho Street
Phone Number: +380 (44) 490 90 00
Fax Number: +380 (44) 490 90 01
Minsk, Belarus
220004 Minsk
51 Korolya Street
Phone Number: +375 (0) 17 200 0353
Fax Number: +375 (0) 17 200 0414
Baku, Azerbaijan
370010 Baku
96 Nizami St. Landmark, 4th floor
Phone Number: +994 (12) 598 29 70
Fax Number: +994 (12) 598 29 75
Tbilisi, Georgia
0105 Tbilisi
36a Lado Asatiani St.
Phone Number: + 995 (32) 24 45 66
Fax Number: + 995 (32) 24 45 69
Almaty, Kazakhstan
480099 Almaty
Business Center CDC
240 v, Furmanov street
Phone Number: +7 (3272) 58 13 40
Fax Number: +7 (3272)58 13 41
Astana, Kazakhstan
010000 Astana
Saryarka district
12 Samal microdistrict
Phone Number: +7 (7172) 58 04 80
Fax Number: +7 (7172) 58 03 90
Atyrau, Kazakhstan
060011 Atyrau
15b Satpayeva St.
Phone Number: +7 (7122) 58 62 40
Fax Number: +7 (7122) 58 62 41
Bishkek, Kyrgyzstan
720001 Bishkek
40 Manas Av.
Phone Number: +996 (312)60 09 99
Fax Number: +996 (312) 60 09 90
Tashkent, Uzbekistan
700000 Tashkent
75 Pushkin St.
Phone Number: +998 (71) 120 44 45
Fax Number: +998 (71) 120 44 47
Dushanbe, Tajikistan
434025 Dushanbe
54a Shotemur.St
Phone Number: +992 (917) 76 36 76
Ashkhabad, Turkmenistan
Our office will open in 2008, in the meantime
please contact Michael Sturdivant in our Almaty office
Phone Number: + 7 (727) 258 13 40
Email: MSturdivant@deloitte.kz
Office Locations
39

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