Sibneft Shareholders Approve Acquisition

Moscow, 6 August 2002; Sibneft shareholders approved the acquisition of Argus, a trading company operating on the domestic market, at an extraordinary shareholder meeting held today by correspondence.

All shareholders included on the shareholder register at the close of business on 21 June 2002 were eligible to participate in the meeting. The acquisition will be carried out by means of a share swap and is taking place within the framework of Sibneft's efforts to further consolidate its corporate structure.