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Sibneft 2003 Operating Results Point to Another Year of Strong Growth

Moscow, January 26, 2004. Sibneft recorded yet another year of robust production growth in 2003, according to full-year operating results released today. Crude oil output for the year rose by 19.4% to 31.45 million tons (641,000 barrels per day) versus 26.34 million tons (537,000 barrels per day) in the previous year.

Sibneft - together with Slavneft, controlled jointly by Sibneft and TNK-BP - led the Russian petroleum industry in growth for 2003. In addition to crude oil, Sibneft produced 2.00 billion cubic meters of associated gas, up 42.8% from 1.40 billion cubic meters in 2002.

In downstream, Sibneft boosted refinery throughput by 11.8% to 17.69 million tons (360,000 bpd) from 15.82 million tons (322,000 bpd) in 2002. The company also continued to expand its retail network to a total of over 1250 filling stations in Western Siberia, the Urals region, and newer markets in European Russia, with total retail sales growing by approximately 14%.

Crude oil exports rose in line with production, reaching 12.46 million tons or 39.6% of total output, compared to 10.75 million tons in 2002. Sibneft also boosted exports of refined petroleum products by 50% to 5.40 million tons in 2003 from 3.59 million the previous year.

“We are entirely pleased with our operating results for 2003, as Sibneft once again demonstrated its ability to sustain rapid growth in production while maintaining efficiency, controlling costs and effectively deploying capital expenditures,” said Sibneft president Eugene Shvidler.

Sibneft plans crude oil production growth of around 20% in 2004. Refinery throughput is set to remain steady at about 18 million tons, with crude exports totaling at least 40% of production.

Production figures do not take into account Slavneft, which Sibneft jointly acquired with TNK-BP in January of last year.