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Citigroup Appointed to Advise on De-Merger of Sibneft and YUKOS

Moscow, December 18, 2003. Sibneft today announced that its original core shareholders, whose interests are represented by Millhouse Capital, have appointed Citigroup to advise them on the de-merger of Sibneft from YUKOS. Millhouse has agreed in principle with the core shareholders of YUKOS to de-merge Sibneft from YUKOS. As a result of this transaction, the 92% equity interest in Sibneft presently held by YUKOS will be returned to its original core shareholders.

Citigroup will provide financial advice to Millhouse Capital on the eventual terms and mechanics of the de-merger transaction, the specifics of which will be announced when determined. As part of Citigroup’s engagement, Millhouse Capital intends to ask Citigroup to advise it on how best to ensure that all Sibneft shareholders are treated fairly.