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December 16, 2003

Alexei Chibisov succeeds Artur Markaryan as director for economics and finances of Uralkali

Uralkali has made personnel changes. Artur Markaryan, director for economics and finances of Uralkali, will be replaced by Alexei Chibisov, head of the economics department and deputy director for economics and finances of the company.

Over two years of his work in Uralkali Artur Markaryan has carried out a number of reforms aimed at improving and streamlining the internal economics of the company. With the direct participation of Artur Markaryan a strict budgeting system was introduced at the enterprise, which concerns not only the financial service but other departments and divisions of Uralkali as well. It was under Artur Markaryan's direction that changes were made in the accounting policy of the company and other measures were taken to tighten the financial-budget discipline and carry out a detailed analysis of Uralkali' economics. Artur Markaryan directly participated in the conclusion of a loan agreement between the company and the European Bank for Reconstruction and Development (EBRD) under which a loan of 75 million dollars will be granted to Uralkali on a long-term basis.

In addition to this, under Artur Markaryan's direction the company carried out one of the largest projects in Russia - introduction of an integrated enterprise management system based on Oracle E-Business Suite. The strategic objective of the project is to gain full understanding and ensure effective control of costs in Uralkali. The day-to-day supervision over the implementation of the project was exercised by Alexei Chibisov, head of the economics department of the company. Chibisov's appointment to the new post is a natural process, another logical step under a program for the preparation of an HR reserve inside the company, which is underway in Uralkali. Mr. Markaryan transfers to Eurokhim, a mineral-chemical company, where he will work as director for economics and finances.

Alexei Valerjevich Chibisov is 32 years old. Born in Berezniki he graduated from the Urals Polytechnic Institute majoring in "Economics and Management." In 2000, Chibisov was elected deputy of the Berezniki City Duma. Before joining Uralkali in 2001 as deputy director for economics and finances he worked at other large industrial enterprises of the city.

In Uralkali Chibisov has shown himself to be a knowledgeable and highly qualified specialist. Alexei Chibisov was the first Uralkali worker to be awarded the highest corporate decoration "Golden Badge of Uralkali" for a special contribution to the development of the company.




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