Russian State-owned integrated oil giant Rosneft conducts oil and gas exploration and production activities on Sakhalin Island, in Siberia, in the Timan-Pechora region, and in southern Russia. The company has proved reserves of 14.9 billion barrels of oil equivalent. It also owns and operates two refineries. Rosneft also operates shipping and pipeline companies, as well as more than 680 gasoline stations. BP acquired a $1 billion stake in the company.