Moscow, September 30, 2003.  Sibneft will hold an extraordinary shareholder meeting on November 20, 2003, in accordance with a decision taken today by the company’s board of directors.  At the meeting, shareholders will be asked to approve the payment of interim dividends based on operating results for the first nine months of 2003. They will be also asked to endorse a corporate restructuring in the form of the acquisition of domestic trading company Orion LLC.

The board of directors will meet in mid-October to determine the size of the dividend payment to be recommended to the extraordinary shareholder meeting.  The record date for shareholders eligible to participate in the meeting and receive interim dividends is September 30, 2003 (19:00).

Contact:

John Mann

Sibneft

Tel:  +7 (095) 777 3116

Fax: +7 (095) 777 3114

JohnM@sibneft.ru

www.sibneft.com