Moscow, 3 July 2002; Sibneft will hold an extraordinary shareholder meeting on 6 August 2002, under a decision of the company's board of directors taken at a meeting on 21 June. All shareholders included on the shareholder register at the close of business on 21 June 2002 will be eligible to participate in the meeting.

Shareholders will be asked to approve the acquisition of Argus, a trading company operating on the domestic market. The acquisition will be carried out by means of a share swap requiring 330 Sibneft shares. The acquisition is taking place within the framework of Sibneft's programme to consolidate all operations within the holding company.

Contact:

Nick Halliwell
Sibneft
Tel: +7 095 777 3116
nick@sibneft.ru
www.sibneft.ru