OJSC Oil Company Rosneft engages in the exploration, development, production, and sale of crude oil and gas; and refining, transportation and sale of petroleum products in the Russian Federation and in certain international markets. It also provides banking and financial services; field survey and gas processing; and drilling and construction services to third parties. As of December 31, 2008, the company had proved reserves of approximately 22.30 billion barrels of oil equivalent (boe), including proved crude oil reserves of approximately 17.69 billion barrels (2.42 billion tonnes) and proved gas reserves of approximately 783.79 billion cubic meters (bcm). It also had proved and probable crude oil reserves of approximately 28.55 billion barrels (3.90 billion tonnes) and proved and probable gas reserves of approximately 1,318.77 bcm. The company's reserves are located in Western Siberia, the Russian Far East, Southern and Central Russia, Privolzhye and Eastern Siberia. It also has significant prospective crude oil and gas resources in Western Siberia, the Russian Far East, Southern Russia, and Eastern Siberia. The company also carries out projects outside Russia, including projects in Kazakhstan, Turkmenistan, and Algeria. The company primarily sells crude oil it produced or purchased from third parties to customers outside Russia, including sales to other countries in the Commonwealth of Independent States (CIS) and exports to international markets other than the CIS. Investments The company owns a 50% interest in Polar Lights Company LLC, which is engaged in the development of the Ardalin and satellite fields in the Timan-Pechora Basin located 125 kilometers south of the Barents Sea above the Arctic Circle. The company holds an interest in OJSC Verkhnechonskneftegaz, which holds the license for the development of the Verkhnechonskoye oil and gas condensate deposit in the Irkutsk region. The company has a 51% equity share in Taihu Ltd, which, through its wholly owned subsidiary, owns a 96.86% equity interest in OJSC Udmurtneft, which holds the licenses for the development of 24 productive oil and gas condensate deposits. OJSC Udmurtneft is a group of 17 companies. Dispositions In December 2008, the company completed the sales of 25% of shares in OJSC Daltransgaz to Gazprom. OJSC Daltransgaz is an operator for the program to supply gas to the Sakhalin Region and the Khabarovsk and Primorye Territories. Strategic Alliances Aksa Energy is forming joint ventures with Gazprom and Rosneft. The joint venture with Gazprom Export LLC, a Gazprom subsidiary, would sell gas in Turkey and the joint venture with Rosneft would build combined heat and power plants in Turkey and other countries.