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Sibneft Iraqi Oil Quotas Unchanged

Moscow, 27 May 1999: Sibneft has officially confirmed that its quota to purchase Iraqi oil under the terms of the sixth "Oil for Food" programme remains unaltered.

Rumours in the Russian market of an increase in Sibneft's quota are unfounded. However, these reports may have arisen as the last quota lapsed some weeks ago but was recently reinstated following a decision to renew the quotas by the Ministry of Fuel and Energy.

Sibneft has participated in tenders to purchase Iraqi oil over the past two years and looks forward to continuing cooperation with Iraq.