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Sibneft Share Swap Renewed

Moscow, 5 July 2000; Sibneft is aiming to hike its stake in its Noyabrskneftegas subsidiary via a new stock swap offer launched by its Runicom affiliate. Sibneft’s stake in Noyabrskneftegas rose to around 94.5% as a result of a previous share swap carried out in spring 1999, a move which paved the way for the launch of a programme of American Depositary Receipts in April 1999.

The increase in the Sibneft stake will allow the company to streamline management of Noyabrskneftegas, and will pave the way for launching new investment projects, including production sharing agreements and joint ventures with other partners. The swap will offer shareholders in Noyabrskneftegas the chance to trade their illiquid stock for more liquid shares in Sibneft.

Runicom is offering the same swap rate as last year, eight Sibneft shares for each ordinary share in Noyabrskneftegas and four Sibneft shares for each preferred share, which represents a significant premium for Noyabrskneftegas shareholders. Runicom is also renewing its swap offer for holders of shares in the Omsk refinery at the rate of four Sibneft shares for each ordinary share and three Sibneft shares for each preferred share. Offers are also being made to shareholders in retailer Omsknefteproduct and exploration unit Noyabrskneftegasgeofizica.

Shareholders taking part in the swap will also be entitled to receive an interim dividend on their Sibneft stock if they swap their shares prior to an upcoming decision by the Sibneft board to pay out the dividend. Sibneft president Eugene Shvidler recently announced plans to pay an interim dividend, with a final decision on the size of the dividend due to be taken later this month.