YUKOS to Pursue All Legal Options

The extraordinary shareholders meeting of Sibneft that YUKOS had requested to call on March 28 was declared invalid by the organizers due to the lack of quorum. The decision followed the cancellation by the Sibneft's registrar (ZAO Rost) of the voting ballots of YUKOS Oil Company that owns 92% of Sibneft.

'The organizers did not comply with required legal procedures when conducting the shareholder's meeting and the Yukos ballots should not have been cancelled' - said President of YUKOS Moskva Steven Theede 'Regardless of much discussed agreements between certain shareholders, management has an obligation to take all legal steps available to protect the interests of the company and all shareholders.'

Sibneft's public statements that the results of the shareholders meeting were allegedly based on certain agreements of YUKOS' core shareholders do not correspond to reality. YUKOS has never entered into any agreements regarding any specific mode of disposing the interest in Sibneft that it owns. Acting in the interests of all shareholders, YUKOS carries out management procedures in respect of Sibneft and disposes of its assets exclusively within the framework of the Russian legislation and international standards of corporate governance.