Sibneft Shareholders Approve Acquisition

Moscow, 3 December 2001; Sibneft shareholders approved the acquisition of Terra, a trading company operating on the domestic market, at an extraordinary shareholder meeting held via postal vote on 1 December.

All shareholders included on the shareholder register at the close of business on 10 October 2001 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.