Tyumen Oil Rejects Allegations Regarding Its Acquisition of

  MOSCOW, Nov. 3 /PRNewswire/ -- Tyumen Oil Co. (TNK), one of Russia's top 
four oil companies, today rejected allegations by investor Kenneth Dart, and 
stated that it had acquired the bankrupt assets of oil company Kondpetroleum 
last year in full accordance with all conditions of a bankruptcy auction.  
Tyumen Oil said it had made a deposit and followed all appropriate 
procedures in the auction, held in October 1999.  Therefore, it considers a 
lawsuit filed by Dart's company Vanguard International to be frivolous and 
intends to defend its interests in court.  Vanguard is demanding that the 
Kondpetroleum auction results be annulled.  Kondpetroleum was a subsidiary of 
another Russian oil company, Sidanco, and was based in Western Siberia.  
  Tyumen Oil, established in 1995 and owned by the Russian Alfa Group and 
US-Russian Access/Renova, has crude oil reserves of more than 7.4 million 
barrels and refines more than 500,000 barrels per day.  It ranks No. 2 in 
reserves and No. 4 in production among Russian oil companies.  Tyumen Oil owns 
and franchises a chain of nearly 700 branded retail gasoline stations.  For 
further information, go to <http://www.tnk.ru>. 

SOURCE  Tyumen Oil Co.  
-0-                             11/03/2000  
/CONTACT:  Alexander Chernov of Tyumen Oil, +7095-745-78-46; or Andy 
Katell, 212-453-2217, for Tyumen Oil/  
/Web site:  http://www.tnk.ru/  
CO:  Tyumen Oil Co.; Kondpetroleum; Vanguard International 
ST:  Russia 
SU:  TNM  
-0- Nov/03/2000 20:53 GMT
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