Moscow, November 29, 2002; Sibneft will hold an extraordinary shareholder meeting on December 21, 2002, in accordance with decisions taken by the company's board of directors on November 6 and 19. All shareholders included on the shareholder register at the close of business on November 6, 2002 will be eligible to participate in the meeting.

Shareholders will be asked to approve amendments to the Sibneft corporate charter related to the acquisition of Antarex, a trading company operating on the domestic market. They will also be asked to approve a substantial transaction and to consider changes to the bylaws on the board of directors so as to bring them in line with the new corporate information policy.

Contact:

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