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Core Shareholders Announce Plans for Share Placement

Moscow, 20 May 2002; Sibneft’s core shareholders intend to place approximately 1% of the company’s shares with institutional investors, Eugene Shvidler announced today. The shares, with a market value of around $100 million, will be placed with institutional investors outside the United States via a Regulation S offering.

Shvidler said that core shareholders intend to reduce their shareholding to below 75% over the next two to three years. In this regard, Sibneft is continuing to explore the possibility of listing its shares on an international exchange.

“The core shareholders’ decision to reduce their stake has been guided by strong investor demand for more liquidity in the company’s stock and more influence for minority shareholders over the management of the company,” Shvidler said.

Notes for editors

This press release is being issued pursuant to and in accordance with Rule 135e under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be distributed or circulated in, or communicated or passed on to any person in, the United States. This press release is not an offer of securities for sale in the United States. Securities may not be sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release is not an offer of securities for sale in any other country or state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such country or state.