Moscow, 30 July 2002; Sibneft will hold an extraordinary shareholder meeting on 17 September 2002, under a decision of the company's board of directors taken at a meeting held today. All shareholders included on the shareholder register at the close of business on 30 July 2002 will be eligible to participate in the meeting, which will be held by postal vote.

Shareholders will be asked to approve amendments to the company’s charter required as a result of its acquisition of Argus, a trading company. Shareholders will also be asked to approve a new company bylaw covering the disclosure of information. The bylaw was drafted in accordance with the corporate governance code adopted by the Federal Securities Commission and approved by the Russian government.

The bylaw will define the extent of information to be disclosed, as well as the disclosure period and the channels to be used. The bylaw offers further evidence of Sibneft’s commitment to maintaining the highest standards of transparency in the interests of all its stakeholders.

Contact:

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