Yukos Denies Rumors of Equity Stake Sale

In light of the rumors that have been circulating concerning supposed negotiations with a number of foreign oil companies about the sale of an equity stake in Yukos, the Company deems it necessary to make the following statement.

Yukos Oil Company is always conducting negotiations with the world's leading energy corporations, about a broad range of possible joint business projects. However, at the present time, Yukos has no written or verbal agreements to sell a substantial block of Company shares, nor is it aware of any such agreements signed by its shareholders.

The Company regards the rumors that have appeared to be speculation, and not in keeping with the principles of good-faith business practice. Since it is Company policy to not comment on rumors, Yukos Oil Company will in the future neither confirm nor deny this kind of information.

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