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Sibneft Celebrates 10 Years of Excellence

Moscow, August 24, 2005. Ten years ago today, a presidential decree called for the unification of four enterprises – exploration firm Noyabrskneftegasgeophysica, oil producer Noyabrskneftegas, the Omsk Refinery and marketing firm Omsknefteproduct – to create OAO Sibirskaya Neftyanaya Kompaniya (Siberian Oil Company). The presidential decree was followed by a governmental decree on September 29, 1995, and Sibneft was incorporated on October 6 of that year.

As Sibneft begins celebrations for its tenth anniversary, the company can boast a record of leadership in the Russian oil industry. The company introduced new technology, modern methodologies, and best international practices across its businesses, and led the way among Russian corporations by becoming the first to issue a Eurobond and to publish a corporate governance charter.

“Sibneft’s achievements over the past decade are the result of the hard work, dedication and teamwork of thousands of committed, forward-thinking people,” said Sibneft president Eugene Shvidler. “In 2004-2005, we embarked upon one of the most ambitious expansion efforts in our company’s history, purchasing 12 new oilfields, creating two new production subsidiaries, and beginning the integration of assets from Slavneft. Sibneft’s geography now stretches across 10 time zones, from Chukotka to Saint Petersburg to Vienna.”

“I would like to thank each of my colleagues for their hard work and dedication, and to congratulate them on this important occasion,” Mr. Shvidler continued. “Their contributions have laid a foundation for the long-term success of this world-class oil company.”

Sibneft will mark its first decade with a series of celebrations for employees, partners and local communities in the company’s two main industrial cities, Noyabrsk and Omsk, and in other towns and regions where the company operates.