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Sibneft Reports First-Half 2002 Financial Results

Moscow, October 30, 2002; Sibneft today reported a 19% increase in revenues in the first half of 2002, to $1.984 billion from $1.663 billion for the same period of 2001, in consolidated un-audited US GAAP financial statements.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the half-year were $786.1 million, compared to $870.5 million in the first half of 2001. Net income over the period totaled $457.5 million, compared to $615.8 million last year.

Lower first half profits, despite higher revenues, were the result of an increase in taxes on natural resource production, amortization, and export duties. Sibneft’s per-ton revenue, EBITDA, and profit exceeded those reported by other Russian oil majors.

Sibneft continued to show impressive growth during the first six months of the year, boosting crude oil production by 28.3% year-on-year, the highest rate of any oil company in Russia. Sibneft rose to become Russia’s fifth largest oil producer. Upstream acquisitions during the first half included the purchase of a 59% interest in Meretoyahaneftegas.

Sibneft boosted its downstream position by initiating substantive deliveries to the Moscow Refinery, in which it purchased a 37% equity stake late last year. In addition, the company launched an aggressive program to expand its retail network in central Russia.

“Sibneft is maintaining its position as an industry leader in a whole range of indices,” said Sibneft president Eugene Shvidler. “We continue to forge ahead with our strategy of achieving rapid production growth, opening up new markets, and making both upstream and downstream acquisitions.”