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Sibneft Shares Listed on MICEX & MSE

Moscow, 29th July 1999: Sibneft announced today that its shares have begun trading with immediate effect on Russia's two largest exchanges, the Moscow Inter-bank Currency Exchange (MICEX) and the Moscow Stock Exchange (MSE).

SIBNEFT PRESIDENT EUGENE SHVIDLER commented, "We are particularly pleased to become only the second Russian Oil stock besides Lukoil to join the six other Russian "blue chips" listed on MICEX."

Mr. SHVIDLER concluded, "This is another important initiative aimed at developing the secondary market in Sibneft shares."

"The listings on both MICEX and the Moscow Stock Exchange will give both current and future shareholders new opportunities to deal in the company's shares. In particular these new listings will make it easier for small private shareholders to buy Sibneft shares".

Following the successful launch in April 1999 of the Level I ADR programme and completion of the consolidation of the production subsidiary Noyabrskneftegas, there has been a significant increase in the reported Sibneft daily trading volumes. As a result of this increased trading the company was promoted to RTS-1 from RTS-2 earlier this month. Liquidity was further boosted by the recent private placement to European institutions, which increased the "free float" by an additional 1%.