Moscow, January 20, 2004. Sibneft will hold an extraordinary general meeting of shareholders on March 28, 2004, in accordance with a decision taken by a meeting of the company’s board of directors on January 19, 2004.  The EGM will consider:
1. Changes and additions to the Sibneft corporate charter.
2. The early dissolution of the current board of directors and election of new directors.

Contact:

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