Moscow, October 11, 2002; Sibneft will hold an extraordinary shareholder meeting on November 22, 2002, in accordance with a decision taken by the company's board of directors on October 8.

Shareholders will be asked to approve the acquisition by Sibneft of Antarex, an oil trading firm operating on the domestic market. The acquisition of Antarex is part of Sibneft’s ongoing program to consolidate all trading operations into a unified corporate structure.

Contact:

John Mann
Sibneft
Tel: +7 095 777 3116
johnm@sibneft.ru
www.sibneft.com