Sibneft Changes Name and Legal Address

Moscow, May 15, 2006. Sibneft held an extraordinary general meeting on May 13, 2006, where shareholders voted to change the company's name to Gazprom Neft and to move its registered corporate address from Omsk to the city of Saint Petersburg.

The name change is part of a process that began last autumn with Gazprom's acquisition of more than 75% of Sibneft's outstanding shares. At the same time, the Sibneft brand, which has a strong reputation among consumers, will be retained at the company's large network of retail service stations.

Top Gazprom executives are set to meet on May 25, 2006 to review the format of Gazprom Neft's further integration into the Gazprom group, as part of the company's strategy for expanding its oil business. This strategy is currently being developed in conjunction with leading Western consulting companies.

Gazprom Neft's re-registration in Saint Petersburg fits with the company's growing interests in Northwest Russia and its general development strategy. Company president Alexander Ryazanov stressed that "Gazprom Neft will continue to provide maximum support to the regions in which our core production and refining assets are located and where thousands of our employees work."

Commenting on the corporate name change, Alexander Ryazanov noted: "This step is not only about changing the company's signboard, but also about a deeper process: the integration of the company's highly professional experience and traditions with Gazprom's potential to develop its oil business. Gazprom Neft is focused on achieving the most dynamic growth in the industry, drawing on our existing reserves while acquiring new assets and incorporating the substantial oil resources currently on Gazprom's balance sheet."