Moscow - (December 17, 2001) Earlier today, Ambassador Alexander Vershbow, on behalf of the US Trade and Development Agency, and Mr. Yakov Goldovksy, President of SIBUR, signed a Grant Agreement for funding of $720,000 for a feasibility study on modernizing and upgrading three ethylene plants in Kstovo, Tomsk and Perm.

The modernization will enable the plants to function more efficiently, expand their operations, and improve their environmental standards. ABB Lummus Global, Inc. of Bloomfield, NJ will perform the study. Potential US exports for this project are $70-90 million. This is the second TDA grant awarded to SIBUR this year. In February 2001, TDA and SIBUR signed a grant for $80,000 to develop a project to build two new polypropylene plants at the Tchaikovsky complex in Perm.

The signing ceremony was held at the US Embassy. Other attendees included from SIBUR: Mr. Vladimir Misheniov,VP, Director for Development, Mr. Anatoly Lukashov, Vice President, Mr. Semion Belyakov, Head, Department for International Cooperation, Mr. Alexei Nikandrov, Deputy Director for Development; for ABB Lummus Global: Mr. Jules Lerner, Vice President, Mr. Djel Belaiche, Vice President, Ms. Natalia Rodina, Director on Business Development in CIS, and Mr. Petr Nadonenko, Sales Manager. For the US Embassy: Stephan Wasylko, Senior Commercial Officer, Geoff Cleasby, Commercial Officer, and Nick Mikhailov, Commercial Specialist.

The U.S. Trade and Development Agency promotes American private sector participation by helping U.S. companies pursue business opportunities in developing and middle income countries. Through the funding of feasibility studies, orientation visits, specialized training grants, business workshops, and various forms of technical assistance, we help American businesses compete for infrastructure projects in emerging markets. In addition, the agency promotes capacity building initiatives and supports U.S. government trade, economic policy and development objectives around the world

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