Sibneft Calls Shareholder Meeting

Moscow, 6 July 2001; Sibneft will hold an extraordinary shareholder meeting on 17 August 2001, under a decision of the company's board of directors taken at a meeting on 2 July. All shareholders included on the shareholder register at the close of business on 2 July 2001 will be eligible to participate in the meeting.

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

The acquisition will be carried out by means of a share swap, and the company believes that it will require no more than 4,000 shares to complete the process. Sibneft is currently acquiring the necessary shares on the open market, thus avoiding the need for a share issue.