Sibneft Calls Shareholder Meeting

Moscow, 4 October 2001; Sibneft will hold an extraordinary shareholder meeting on 1 December 2001, under a decision of the company's board of directors taken at a meeting on 2 October. All shareholders included on the shareholder register at the close of business on 10 October 2001 will be eligible to participate in the meeting.

Shareholders will be asked to approve the acquisition of Terra, a trading company operating on the domestic market. The acquisition will be carried out by means of a share swap, using Sibneft shares previously acquired by the company on the open market.

The acquisition is taking place within the framework of Sibneft's efforts to further consolidate its corporate structure. Shareholders in August approved the acquisition of two domestic trading companies, Vester and Olivesta. Sibneft last year established a new export agent, Sibneft Oil Trade, whose financial results will be fully consolidated into Sibneft's US GAAP accounts.