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Gazprom Neft

October 21, 2003

Sibneft Board of Directors recommends $230.6 million interim dividend

Moscow, October 21, 2003. The Sibneft Board of Directors has approved a recommendation to the scheduled November 20, 2003 extraordinary shareholders meeting on the payment of interim dividends, based on Sibneft’s nine-month operating results.

The board set a total dividend payment amount of 6,922,297,472.94 rubles ($230.6 million). The sum is equivalent to 1.46 rubles ($0.049) per share.

As previously announced, shareholders will be asked at the November 20 meeting to approve interim dividends and to endorse a corporate restructuring in the form of the acquisition of domestic trading company Orion LLC. The ex-dividend date was 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




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