In accordance with a resolution at the Annual General Meeting in 2011, Alliance
Oil Company Ltd's nomination committee shall be appointed by the four largest
shareholders in the company. The four largest shareholders in Alliance Oil
Company Ltd are Betino Investments Limited, Alliance Group OJSC, Alliance
Capital OJSC and Repsol Exploracion S.A.

These four shareholders have appointed the following representatives together
with the company's chairman of the board, to constitute the nomination
committee for the Annual General Meeting 2012:

Carl Svernlöv, Chairman of the nomination committee representing Betino
Investments Limited
Fred Boling, representing Alliance Group OJSC
Andrei Sletov, representing Alliance Capital OJSC
Thomas Yonko, representing Repsol Exploracion S.A.
Eric Forss, Chairman of the board Alliance Oil Company Ltd

The Nomination Committee shall present a proposal for election of the Board of
Directors as well as related questions for adoption at the Annual Shareholders'
Meeting and complete the tasks and consider the independence of the Directors
as set out in the Swedish Code of Corporate Governance.

The Annual General Meeting will be held in Stockholm on May 16, 2012.

Shareholders who would like to submit proposals to the Nomination Committee can
do so via e-mail: info@allianceoilco.com or to Advokat Carl Svernlöv, Baker &
McKenzie Advokatbyrå KB, P.O. Box 180, Vasagatan 7, Stockholm SE-101 23,
Sweden, carl.svernlov@bakermckenzie.com, not later than March 31, 2012.

For further information:

Carl Svernlöv, Chairman of the nomination committee, phone +46-8-566 177 00
Eric Forss, Chairman, Alliance Oil Company Ltd., phone +46 8 611 49 90

Also visit www.allianceoilco.com

Alliance Oil Company Ltd is a leading independent oil company with vertically
integrated operations in Russia and Kazakhstan. Alliance Oil has proved and
probable oil reserves of 638 million barrels and downstream operations that
include the Khabarovsk refinery and the leading network of gas stations and
wholesale oil products terminals in the Russian Far East. Alliance Oil's
depository receipts are traded on the Nasdaq OMX Nordic under the symbol AOIL.