Moscow, January 21, 2003. Invest-Oil, a company representing the interests of Sibneft and Tyumen Oil Company (TNK), made a payment of 58,711,953,175 rubles ($1.86 billion) on January 18 in return for 3,563,492,544 common shares of JSC Slavneft (74.95% of charter capital). The shares were purchased in accordance with the privatization auction held on December 18, 2002.

Sibneft and TNK equally provided financing for Invest-Oil. The Slavneft shares were officially transferred to Invest-Oil on January 21, 2003.

Contact:

John Mann
Sibneft
Tel: +7 (095) 777 3116
Fax: +7 (095) 777 3114
JohnM@sibneft.ru
www.sibneft.com