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Joint Statement by Sibneft and Tyumen Oil Company on the Slavneft Privatization

Moscow, December 18, 2002. Sibneft and Tyumen Oil Company (TNK) today jointly participated in the largest privatization in the history of the Russian Federation. Acting in the interests of Sibneft and TNK, Invest-Oil, an affiliated company, entered the winning bid of $1.86 billion at an auction held by the government of the Russian Federation for a 74.95% equity stake in Slavneft.

Slavneft, Russia’s 9th largest oil producer, has estimated proved oil reserves of 2.54 billion barrels, and annual production of 13.93 million tons (275 thousand barrels per day). The company also controls the Yaroslavl and Mendeleev Refineries with annual throughput of 11.89 million tons (235 thousand b.p.d.), and operates the Mozyr Refinery in Belarus.

“The cooperation between Sibneft and TNK in the Slavneft privatization is further proof of the maturation of the oil industry in Russia,” said Sibneft President Eugene Shvidler. “This deal shows how Russian companies can succeed when they put good corporate governance first and pool resources and expertise in order to achieve common commercial goals.”

“Our cooperation with Sibneft will allow us to fully unlock the economic potential of Slavneft,” said TNK chairman Victor Vekselberg. “This deal can certainly be called a milestone: Russian oil companies are now prepared to work together in order to boost their investment attractiveness with increasing levels of transparency and influence on international markets.”