Sibneft Appoints New Head of Corporate Finance

Moscow, 20 July 2001; Sibneft has appointed Richard Creitzman as the company's new Head of Corporate Finance. He replaces Eugene Tenenbaum, who has been in this role since the start of 1998 and will now work in a new capacity as advisor to Sibneft's president and CEO.

Richard Creitzman joins Sibneft from international commodities company Enron, where he worked as Director of Enron Russia Development, a subsidiary responsible for developing the firm's CIS commodity trading business.

Mr Creitzman previously worked for WestDeutsche Landesbank, where he was responsible for the bank's structured commodity finance business in Russia. Between 1996 and 1998, Mr Creitzman was Head of Trade Finance at Russian aluminium producer Coalco. Between 1995 and 1996, Mr Creitzman worked in the trade finance department of ING Eurasia in Moscow.

"We are delighted that Richard will be taking over leadership of our highly successful corporate finance department," Sibneft president Eugene Shvidler commented. "We hope that the department will continue to break new ground by bringing innovative transactions to market."