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Sibneft Secures Syndicated Loan with Record Low Interest Rate

Moscow, November 5, 2004. Sibneft has received a $160 million syndicated loan with an interest rate of 1.4% over the London interbank offered rate (LIBOR), the lowest-cost financing in the company’s history. The export-backed loan carries a term of 25 months. ABN Amro Bank led the syndication for the deal.

Sibneft received the first $75 million tranche of the loan in June of this year, with ABN Amro and Vitol SA participating. The remaining tranche of $85 million was received on November 4, with new participants including Bayerische Landesbank, Commerzbank (Eurasija) Sao, Hsh Nordbank Ag, Landesbank Rheinland-Pfalz–Girozentrale, Norddeutsche Landesbank Luxembourg S.A. and WestLB AG.

Sibneft will use the funds for debt refinancing and working capital. The company expects its year-end debt level to be similar to last year, in the range of $1.5 - $1.6 billion.