Moscow, May 13, 2003. Sibneft has completed the sale of its 38% stake in Orenburgneft and 1% interest in ONACO to TNK for $825 million. Sibneft received payment in two tranches in April and will use up to $700 million from the proceeds to reduce debt by repaying higher-cost, shorter-term borrowing.

“Sibneft received the full, fair-market value of its ONACO assets,” said Sibneft president Eugene Shvidler. “With this deal completed, we now can turn our full attention to working with TNK on the division of Slavneft.”