Moscow, December 20, 2002; The Investor Protection Association recognized Sibneft as having Russia’s best corporate dividend policy at its 2002 annual awards ceremony. The award was voted on by association’s 29 member companies, who chose Sibneft from among all public corporations in Russia.

Sibneft currently has a policy of distributing dividends equal to, on average, a minimum of 15% of net profits at the end of the reporting period. In August 2001, Sibneft made a dividend payment that was the largest in Russian corporate history at the time.

The Investor Protection Association is a non-profit organization established in April 2000 for the purpose of uniting investors' efforts to protect their rights and improve corporate governance. Its membership includes most of the top local and international investment funds, asset managers, and investment banks operating in Russia.

“We are proud that the top financiers in Russia appreciate Sibneft’s commitment to ensuring that our investors get a fair return on their capital,” said Sibneft president Eugene Shvidler.

Contact:

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