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Sibneft to Upgrade Omsk Refinery

Moscow, January 21st 1999: Sibneft has announced investment plans to increase group production of light products - gasoline and diesel - in 1999. The company is to extend the capacity of one of its two catalytic cracking units at Omsk. This upgrade which will be undertaken in autumn 1999 will increase the capacity of the unit by 40% to 1.8 million tons per year.

"The upgrading of the plant will help us meet the growing market demands for higher quality products. This represents another important step in our successful drive to increase Sibneft's share of the Russian gasoline market," said Eugene Shvidler, company president.

The extension of the unit will be funded from internal resources and is expected to take approximately 45 days.

Omsk is the world's second largest refinery and the leading Russian producer of petrol and fuel oil products. This initiative will further strengthen Sibneft's position in the market of added value oil products.

In 1998 the Omsk refinery in total produced over 3.6 million tons of petrol and 4.6 million tons of diesel. Sibneft is Russia's leading producer of unleaded fuel. Thanks to a long term investment programme and the expertise of its staff Omsk boasts the highest depth of refining in Russia, 81.1%, compared to the Russian industry average of 63%.