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JSFC Sistema (SSA)

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Wednesday 13 May, 2009

JSFC Sistema

Sistema Appoints Alexander Korsik as Head of Oi...

Sistema Appoints Alexander Korsik as Head of Oil and Energy Business Unit

JSFC Sistema


Sistema (LSE:SSA), the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries, today announced the appointment of Alexander Korsik as Head of Oil and Energy business unit, established in April 2009 by the decision of the Board of Directors. The Board of Directors of Sistema expects to confirm the appointment of Mr. Korsik at its next meeting. Mr. Korsik previously held the position of Chairman of the Board of Directors at RussNeft.

In 2008, Sistema established a new organizational structure and formed three business units in addition to functional divisions, “Telecommunications Assets”, “Consumer Assets” and “High Technologies and Industry”, responsible for the strategic development of the Group’s assets. Following the acquisition of a controlling stake in Bashkir Oil and Energy Group in March 2009, Sistema established a new business unit, Oil and Energy Assets, which will integrate the Group’s interests in Bashkir oil-processing and oil-extracting companies into a single corporate structure.

Alexander Korsik, as Head of Oil and Energy business unit and Senior Vice President of Sistema, will be responsible for the development and implementation of Sistema’s development strategy in Bashkir Oil and Energy Group and its subsidiaries, including Bashkirenergo. In particular, Alexander will focus on the development of the unit’s competency in oil and gas sector, consolidation of management efforts and creation of a unified centre responsible for strategic and organizational development of the portfolio’s assets, including planning, oversight and control over their activities.

Leonid Melamed, President and Chief Executive Officer of Sistema, commented: “Alexander Korsik is a well regarded professional in the oil and energy sectors who has firsthand knowledge and experience of managing oil and gas companies. We are confident that under his leadership the new business unit will achieve its full potential in the development of Bashkir oil assets and contribute to the creation of additional shareholder value.”

Alexander Korsik was born in 1956. From 2007 to January 2009, Mr. Korsik was Chairman of the Board of Directors at RussNeft. From 2006 to 2007, he served as President at Itera Group, one of the largest independent producers and traders of natural gas operating in the CIS and the Baltic states. In 2006, Mr. Korsik worked as Deputy Chairman of the Board of Directors at Renaissance Capital, a leading investment group focused on the emerging markets. From 1999 to 2005, he served as First Vice President at Sibneft, renamed Gazprom Neft, one of the largest oil and gas producing companies in Russia. From 1997 to 1999, Mr. Korsik was Head of Strategy at Sibneft. From 1995 to 1997, he served as Deputy General Director of CJSC KomiTEK-Moscow and Member of the Board of Directors of JSC KomiTEK Oil Company. From 1979 to 1995, Mr. Korsik worked in a number of government positions. Alexander Korsik graduated with honors from the Bauman Higher Technical School.


For further information, please visit or contact:

Sistema Investor Relations       Shared Value Limited
Pavel Kim Larisa Kogut-Millings
Tel: +7 495 692 22 88 Tel: +44 (0) 20 7321 5010


Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high-tech, oil and energy, radio and aerospace, banking, real estate, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 16.7 billion for the full year of 2008, and total assets of US$ 29.2 billion as at December 31, 2008. Sistema’s shares are listed under the symbol “SSA” on the London Stock Exchange, under the symbol “AFKS” on the Russian Trading System (RTS), under the symbol “AFKC” on the Moscow Interbank Currency Exchange (MICEX), and under the symbol “SIST” on the Moscow Stock Exchange (MSE).

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.