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26 | 01 | 2009

Sale of OAO Korimos (“Korimos”) to Moscow Refinery

Sibir today announces that it has sold its 50 per cent. stake in Korimos to the Moscow Refinery for a  cash consideration of $68 million. Korimos is a 50:50 joint venture with the Moscow Refinery and today’s announced transaction brings the full 100% of Korimos under the Refinery’s control.  The Moscow Refinery is controlled by a 50:50 joint venture between Sibir and OAO Gazrpom Neft.
 
Korimos utilises output from the Refinery’s catalytic cracker to produce primarily MTBE (Methyl Tertiary Butyl Ether) and TAME (Tertiary Amyl Methyl Ether), chemicals used in the oil refining process. In addition, Korimos owns six high-quality gasoline retail outlets in the Moscow region.
 
Sibir acquired the assets in a $65 million cash transaction from Gradison Consultants Inc. (“Gradison”) and Orton Oil Company Limited (“Orton”), companies beneficially owned by Sibir shareholders Chalva Tchigirinsky and Igor Kesaev respectively. The acquisition was approved by Sibir shareholders at the Company’s General Meeting on 18 December, 2008. 
 
Commenting on the announcement, Sibir CEO, Henry Cameron, said, “Sibir is pleased to have executed the sale of the Korimos assets to the Moscow Refinery quickly and at an attractive price. By bringing 100% of Korimos under the control of the Refinery Sibir expects the Refinery to achieve important operational and overhead efficiencies.”