Sibneft Receives B+ Long-Term Credit Rating from Standard & Poor's

Moscow, November 26, 2002; Standard & Poor's Ratings Services has assigned a 'B+' long-term corporate credit rating to Sibneft, with an outlook of 'developing'. Sibneft also has received an 'ruAA' national scale rating from Standard & Poor's.

In a statement, Standard & Poor's explained that the Sibneft ratings reflect the company's "vertically-integrated structure, above-average asset quality, strong profitability and cash flow projection, and relatively modest debt with an unusually long-term maturity profile." The rating agency noted that Sibneft features younger oil fields than its peers, operates one of the best and most sophisticated refineries in Russia, fully controls all key operating subsidiaries, and has good potential to continue production growth.

"The ratings assigned to Sibneft by Standard & Poor's are confirmation of our solid business strategy and industry leadership," said Eugene Shvidler, president of Sibneft. "Our focus on sustainable growth and our prudent borrowing policy have resulted in Sibneft achieving a long-term corporate credit rating on par with the highest ratings assigned to any private Russian company."

In November 2001, Moody's Investors Service assigned Sibneft the first Russian corporate foreign currency rating that pierced the sovereign ceiling. Moody's currently assigns Sibneft a 'Ba3' foreign currency rating and 'Ba2' local currency rating.