West Siberian's downstream subsidiary renews USD 185 million credit agreement

West Siberian Resources Ltd, through its fully owned downstream subsidiary      
Alliance Oil, and Bank VTB have agreed to renew and prolong the 5 billion       
roubles (USD 185 million) credit line for another 9 months. The facility is     
denominated in roubles and is available for the financing of the ongoing        
Khabarovsk refinery modernization program.                                      

“VTB is one of our major financial partners. This agreement is an important step
for the financing of the upgrade of our Khabarovsk refinery and for ensuring the
execution of the contract with Técnicas Reunidas, We have also started          
negotiations with VTB to transform the credit line into long term debt”, West   
Siberian Resources' Managing Director Arsen Idrisov said.                       

“Our partnership with West Siberian Resources covers different areas. In order  
to ensure the execution of the contract between the company and the primary     
contractor we have opened several covered import letters of a credit. In        
addition we are now negotiating possible transformation of these credit lines   
into long term financing instruments”, VTB Board Member Olga Dergunova          
commented.                                                                      


For further information:                                                        
Arsen Idrisov, Managing director, West Siberian Resources Ltd., tel. +7 (495)   
777 18 08                                                                       
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 705 23 86 62       

Also visit www.westsiberian.com                                                 



Note to the editor:                                                             
VTB Group is a leading Russian financial group with a strong history tradition  
in Russia and the CIS, and a presence in 17 countries around the world. The     
Russian Government is VTB's majority shareholder, with a 77.5% holding. The     
remaining 22.5% of the shares are traded on the RTS and MICEX in Russia, and    
VTB's global depositary receipts are traded on the London Stock Exchange. As of 
1 July 2008, VTB was the second largest financial group in Russia by assets (USD
108.8 bln.) and by customer accounts (USD 44.6 bln.).                           



West Siberian is a leading independent oil company with vertically integrated   
operations in Russia and Kazakhstan.  West Siberian Resources has proved and    
probable oil reserves of 489 million barrels, a production of more than 51,000  
barrels per day, refining capacity of 70,000 barrels per day and a network of   
256 gas stations and 24 wholesale oil terminals. West Siberian's depository     
receipts are traded on the OMX Nordic Exchange Stockholm under the symbol WSIB.