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    SIBNEFT DOES NOT COMMENT ON ABRAMOVICH'S PLANS TO SELL 46% OF HIS SHARES

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    MOSCOW, March 12, 2004. (RIA Novosti) - Sibneft did not comment on Roman Abramovich's intention to sell 46% of his 92% shares of the company.

    "We cannot comment on Roman Abramovich's plans," Sibneft press secretary Alexei Firsov told a RIA Novosti correspondent.

    The Financial Times reported on Friday that Mr. Abramovich is in talks with a foreign energy company to sell 46% of his Sibneft shares.

    According to the newspaper, talks on this issue were held with Royal Dutch/Shell, ChevronTexaco and Total.

    The newspaper reported that Mr. Abramovich would like to reach agreement with a new buyer before Sibneft's divorce with Yukos is complete. However, in the newspaper's opinion, Mr. Abramovich is unlikely to reach an agreement on the sale before the completion of Sibneft and Yukos' divorce. Mr. Abramovich started seeking a buyer after the Arbitration Court of Moscow ruled that the additional issue of Yukos shares was invalid, thereby satisfying the lawsuits filed by the former Sibneft shareholders.

    The Financial Times reported that ChevronTexaco is particularly interested in purchasing a block of Sibneft shares and would like to receive promises that this will eventually take place.

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