Changes in the Moscow Refinery’s Voting Share Structure to Improve Stability in the Moscow Fuel Market

Moscow. November 9, 2005. Sibneft and Tatneft together now have a majority voting interest (56.83%) in the Moscow Refinery as a result of a judgment issued yesterday by the Moscow City 9th Arbitration Court of Appeals.

The change in the Moscow Refinery’s voting share structure will not have an adverse effect on the stability of crude oil deliveries to the enterprise, nor on its output of petroleum products. For several years, Sibneft and Tatneft have been the refinery’s key crude oil suppliers and have provided managers to the enterprise; therefore no major changes are expected in the refinery’s operations. All existing contracts and agreements with the Moscow Refinery’s business partners will remain in effect.

With their guaranteed resource base, qualified management, access to investment capital and experience in upgrading Russia’s leading refining facilities, Sibneft and Tatneft are well-positioned to address the needed technological modernization of the Moscow Refinery.

All strategic decisions for the Moscow Refinery will be made and implemented in partnership with the city administration and the enterprise’s minority shareholders.