Sibneft Shareholders Approve Acquisitions

Moscow, 17 August 2001; Sibneft shareholders today approved the acquisition of two domestic trading companies in an extraordinary shareholder meeting held via postal vote.

Shareholders holding 91.05% of the company's shares were registered to participate in the meeting. All shareholders included on the shareholder register at the close of business on 2 July 2001 were eligible to participate in the meeting.

The acquisitions will be carried out by means of a share swap and are taking place within the framework of Sibneft's efforts to further consolidate its corporate structure.