Moscow, April 14, 2002. The Sibneft board of directors has approved the agenda for the upcoming annual shareholders meeting, to be held on May 15, 2003. The board has also scheduled an extraordinary shareholders meeting for May 28, 2003.

At the annual general meeting, shareholders will be asked to approve Sibneft’s annual report and financial statements, as well as the payment of dividends for 2002. They will also elect members to the board of directors and audit commission, and select an auditor for 2003. The record date for shareholders eligible to participate in the annual meeting is March 28, 2003.

At the May 28 extraordinary general meeting, shareholders will be asked to approve the acquisition by Sibneft of Kretans Holding, Ltd., an oil trading firm operating on the domestic market. The acquisition is part of Sibneft’s ongoing program to consolidate all trading operations into a unified corporate structure. The extraordinary meeting will be open to shareholders of record as of April 9, 2003.

Contact:

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