Moscow, July 11, 2003;Sibneft will hold an extraordinary shareholder meeting on August 18, 2003, in accordance with a decision taken by the company's board of directors on July 4, 2003.  Parties who were shareholders of record as of the close of business on July 4 are eligible to participate.

Shareholders will be asked to approve amendments to the Sibneft corporate charter.  The changes include an exemption to clause 2 of article 80 of the Federal Law "On Joint-Stock Companies", which requires anyone acquiring more than 30% of a company to buy out minority shareholders.

The charter is being amended to facilitate Sibneft’s planned merger with YUKOS.  YUKOS has previously announced that YukosSibneft will make a fair offer to the minority shareholders of Sibneft after receiving a fairness opinion from an internationally recognized investment bank.  Sibneft remains committed to ensuring that its minority shareholders receive a fair offer for their shares.

Contact:

John Mann

Sibneft

Tel:  +7 (095) 777 3116

Fax: +7 (095) 777 3114

https://www.sibneftcom