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Sibneft Redeems $150 Million Eurobond

Moscow, 18 August 2000; Sibneft has redeemed a $150 million Eurobond which matured today. Sibneft was the first Russian company to issue a Eurobond. The three-year bond was launched in August 1997 and carried a coupon of 4% over Libor payable on a quarterly basis. Sibneft continued to service all its obligations during the Russian financial crisis. The company last year paid down a large portion of its outstanding debt and currently has a very low level of debt.

Sibneft president Eugene Shvidler commented: “Sibneft broke new ground when it issued the first Russian corporate Eurobond three years ago. We have received a strong vote of confidence from investors in response to a series of pioneering initiatives in the fields of corporate governance and transparency. We remain committed to introducing global best practice across the whole range of our operations, from the way we manage our wells to the way we manage our finances.”