Moscow. January 27, 2005. Sibneft has re-registered its wholly-owned trading subsidiary Sibneft Oil Trade (Siboil) in Vienna, Austria. One of Russia’s top oil trading firms, Siboil had previously been registered in the British Virgin Islands.

By relocating Siboil to a base inside the European Union, Sibneft will be able to better serve many of its export partners and customers. Furthermore, Austria’s proximity to Russia will allow Siboil to establish a more substantial personnel presence at its base in Vienna.

As in previous years, Sibneft will continue to show all of Siboil’s revenues in its consolidated US GAAP financial reporting.

Contact:

John Mann
Sibneft
Tel: +7 (095) 777-3116, 777-3182
Fax: +7 (095) 777-3114
JohnM@sibneft.ru
www.sibneft.com