COMUNICADO DE TYUMEN OIL

Russian oil major TNK holds first meeting of Advisory Council in

London

LONDON, 25 Sep. (PRNewswire) -

TNK, one of Russia"s largest vertically-integrated oil and gas

companies, held the first meeting of its Advisory Council in London,

on 24 September, 2002.

The Council approved its mission statement which is to advise TNK

and its shareholders on corporate governance, corporate strategy and

social responsibility issues.

The Council discussed major trends in the oil industry and the

global capital markets, and reviewed TNK"s operations, strategy, and

financial performance in the first half of 2002.

The next meeting will be held on December 18, 2002, in Moscow,

around which date the Council members plan to visit downstream

operations in central Russia.

The Advisory Council"s independent members include the Chairman,

Sir Peter Walters, Sir William Purves, Mr Adrian Lajous and Mr James

A. Harmon. They bring to TNK a unique depth of international oil,

finance and business experience. There are seven shareholder

representatives: Mr Leonard Blavatnik, Mr Mikhail Fridman, Mr German

Khan, Mr Alex Knaster, Mr Alfred Kokh, Mr Simon Kukes and Mr Victor

Vekselberg.

Sir Peter Walters said: "The Board was impressed by the

commitment demonstrated by the shareholders to develop TNK into a

world class company at a time when the Russian oil industry is the

focus of increasing international interest."

Simon Kukes, President of TNK, said: "This was a very

constructive meeting. I am confident that the Council will encourage

TNK in its development to a position where it can forge strategic

partnerships to operate global scale ventures in Russia."

Notes to editors

Supervisory board members

- Sir Peter Walters was Chairman of British Petroleum Company plc

from 1981 to 1990. He was Chairman of Midland Bank plc from 1991 to

1994, Deputy Chairman of EMI plc from 1990 to 1999 and Deputy

Chairman of HSBC Holdings plc from 1992 to 2001. He was a director of

the Post Office and of the National Westminster Bank.

- Sir William Purves was Chairman of HSBC Holdings plc from 1990

to 1998 and served as a director of the Shell Transport and Trading

Company plc from 1993 until May 2002. He is Chairman of Hakluyt &

Company Ltd, Deputy Chairman of Alstom s.a., Director of Interpacific

Holdings Ltd, Scottish Medecine plc, Trident Safeguards Ltd and World

Shipping and Investment Co Ltd.

- Adrian Lajous was Director General of Pemex, the Mexican State

Oil Company, from 1994 to 2000. He is President of the Oxford

Institute for Energy Studies and a senior energy adviser to McKinsey

& Company and to Morgan Stanley.

- James A. Harmon was Chairman of the Export-Import Bank of the

United States (Ex-Im Bank) from 1997 to 2001 and a Director of

Schroders plc from 1986 to 1997. In 2001 he founded Harmon & Co., a

consultancy providing strategic advice to major corporations and

governments.

TNK International

- TNK has developed by organic growth and acquisition into one of

the largest vertically integrated Russian oil and gas companies, with

proven reserves in excess of 7 billion barrels of crude oil and

production of over 730,000 barrels per day.

- TNK owns three major refineries, two of which are located in

Russia, with the third located in Ukraine. TNK operates a network of

more than 1800 retail filling stations in Russia and Ukraine,

including more than 130 in the Moscow region.

- TNK International has the highest credit rating of any Russian

corporate: "Ba3" by Moody"s Investors" Services, "B+" by Standard &

Poor"s Rating Service, and "B+" by Fitch Ratings. All ratings are

with a stable outlook.

- TNK is committed to developing western levels of accounting,

reserve auditing and corporate governance standards. PwC has

produced 5 years of US GAAP accounts. Miller & Lents has completed

reserve reports.

- In 2000, TNK was the first Russian company to win the

prestigious Financial Times Energy Award, and was named the World"s

best Oil and Gas Company for 2000.

- TNK is a private company that is effectively 50/50 owned by

Alfa Bank, Russia"s fourth largest, and Access Industries/Renova, a

US-based private investor group.

Source: Tyumen Oil

Contact: Moscow Marina Dracheva Tyumen Oil +7 095 745 7846.

London Peter Spring The Maitland Consultancy +44 20 7379 5151

(69883)

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