Sibir Energy confirms creation of new co for Moscow Refinery stake transfer

        LONDON (Thomson Financial) - AIM-listed oil producer Sibir Energy Plc. has
confirmed the creation of Moscow NPZ Holdings B.V. into which its downstream
unit Moscow Oil and Gas Company (MOGC) and Gazprom Neft (GPN) will transfer
their Moscow Refinery stakes, resulting in a collective 90.02 percent holding.
    The confirmation ends nine months of talks between the two parties, with
MOGC and GPN each taking a 50 percent stake in Moscow NPZ Holdings. MOGC and GPN
will be equally represented on the both the Moscow NPZ Holdings and Moscow
Refinery boards.
    In a statement, Sibir CEO Henry Cameron said common ground has now been
found on all matters, after a "position of hostile corporate conflict less than
a year ago."
    He added the new holding company brings "stability to the management of the
Moscow Refinery and paves the way for the upgrading of its facilities."

TFN.newsdesk@thomson.com
jag/vlb

COPYRIGHT

Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.