Energy Trade System Selects RedMeteor Platform

Moscow, 15 November 2000; Energy Trade System (ETS) has selected RedMeteor.com to provide a platform and hosting services for the venture’s Internet-based marketplaces. The decision brings ETS a step closer to the launch of its first electronic exchange, which will trade refined products shipped through the Baltic Sea ports of FSU countries.

ETS plans to launch trading on the new exchange early next year. ETS later hopes to expand its operations to embrace other markets for refined products exported from FSU countries, in particular the Mediterranean market. In the longer term, ETS aims to become the leading regional marketplace for trade in both physical volumes and derivatives.

ETS’s strategy is to create exchanges employing cutting-edge technology which are specifically tailored to the needs to the trading community. Traders will be able to see the whole market at a glance, and will be able to negotiate bids and offers in real time, helping to increase liquidity and transparency on the market.

ETS is a venture formed earlier this year by a group of key players in the Russian energy sector, including Sibneft, the Russian Ministry of Railways, pipeline operator Transneft, product pipeline operator Transnefteproduct and fibre optic cable operator TransTeleCom Company.

RedMeteor.com is a global, Internet-based, exchange marketplace for crude oil, natural gas, natural gas liquids, refined products and electricity. RedMeteor.com is the first energy trading site to offer multiple commodity options, personalized customization, real time trading communications, and universal data compatibility, all on a single, neutral platform.

Sibneft President Eugene Shvidler welcomed the decision to select RedMeteor. "This platform will help ETS meet its goal of providing round-the-clock reliability, ease of use, superior response time and the best transaction security available. Through the creation of new Internet-based platforms, ETS aims to revolutionize the way that energy is bought and sold, both in FSU export markets and on the Russian domestic market.”

Vincent DiCosimo, RedMeteor's Chief Executive Officer, said, "We are very pleased to provide platform licensing and hosting services to ETS. The RedMeteor platform configuration is designed to be highly scalable and capable of adapting to any commodity type quickly.”

ETS has unveiled a new website, www.energytradesystem.com, to deliver the latest news on the development of its marketplaces. The site also offers insights into the thinking behind the new venture and the development strategy which the partners intend to pursue.