Sibneft market liquidity boosted

Moscow, Tuesday 22nd February 2000: Sibneft has been aware of the strong trading in its shares in recent weeks. Accordingly, in conjunction with the company registrar, Sibneft understands that The Dart Group, which formerly owned 4.7% of the company's issued share capital has reduced its holding to approximately 3% following sales in the open market.

Contrary to certain market speculation, there have been no sales by Sibneft management in recent months and the management continue to hold approximately 88% of the company's stock.

Sibneft President, Eugene Shvidler said, "The Dart Group communicated to us their desire to reduce their holdings in Sibneft as part of an overall appraisal of their global investment strategy. This has been effected through an orderly sale through the stock market, which demonstrated a ready appetite for Sibneft shares."

Michael Hunter, President of the Dart Group remains a Sibneft non-executive director and a member of the group board. There are no current plans for him to step down.

Mr. Shvidler concluded, " We have no particular wish to see the Dart Group reduce their holding in Sibneft and we value their contribution to the group board. However we welcome the commensurate rise in the liquidity of the company's shares brought about by the dispersal of their stake and the further broadening of our international investor base."