Moscow, January 23, 2003; Sibneft will hold an extraordinary shareholder meeting on February 28, 2003, in accordance with decisions taken by the company's board of directors on January 14 and 22.

Shareholders will be asked to approve the acquisition by Sibneft of Yunikar, an oil trading firm operating on the domestic market.

The acquisition of Yunikar 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
Fax: +7 (095) 777 3114
JohnM@sibneft.ru
www.sibneft.com