News Release

NYMEX Holdings, Expertica to Form Joint Venture for Russian Crude Oil Contract

Tue Nov 15 2005

NEW YORK, N.Y., November 15, 2005 — NYMEX Holdings, Inc., and Expertica Limited announced today that they will participate in a joint venture agreement to launch a Russian export blend crude oil (REBCO) futures contract.

NYMEX and Expertica will form Russian Energy Futures, Ltd., to work together to market and promote the REBCO futures contract that will be traded on NYMEX Europe Limited in London and cleared by the NYMEX clearinghouse.

NYMEX President James E. Newsome said, "There has been an increased interest in establishing a crude oil benchmark in Russia. We look forward to working with Expertica on this new contract that will be based on Russian export crude and actual physical transactions. We believe this will create price transparency based on fair market-determined price."

Expertica Director Ian Kilpatrick said, "Expertica is delighted to be working with such a significant industry body as NYMEX on this positive development for the Russian energy industry. The REBCO contract will be fundamental to achieving optimum price discovery and price transparency for Russian crude oil exports. We think that the time is right for a new REBCO futures contract, and we are grateful to those who have supported us from both the Russian Government and the Russian energy industry, in particular Alexey Kousmichoff of Alfa-Group."

Roy Leighton, chairman of NYMEX Europe Limited, said, "We will work directly with the international oil industry to develop a contract that will become an essential tool for commerce, risk management, and price discovery."

The New York Mercantile Exchange, Inc., (NYMEX) is the largest physical commodity exchange in the world, offering futures and options trading in energy and metals contracts and clearing services for off–exchange energy transactions. Through a combination of open outcry floor trading and the NYMEX ACCESS® and NYMEX ClearPort® electronic trading platforms, a wide range of crude oil, petroleum product, natural gas, coal, electricity, gold, silver, copper, aluminum, and platinum group metals markets are available virtually 24 hours each day. More information about NYMEX is available at

About Expertica
Expertica is a privately owned group of companies involved in development and realization of international commodities, infrastructure and energy related projects. Formed in 2002, Expertica and its personnel have extensive experience in the physical trading of Russian oil and in the operation of the international energy derivatives markets.

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