<PAGE>

                                                                   EXHIBIT 10.33

                                                                  EXECUTION COPY

                              EMPLOYMENT AGREEMENT


      EMPLOYMENT AGREEMENT (this "AGREEMENT"), dated September 12, 2000, by and
between Khanty Mansiysk Oil Corporation, a Delaware corporation (the "COMPANY"),
and Ms. Gail Coleman (the "EXECUTIVE").

      WHEREAS, in recognition of the Executive's experience and abilities, the
Company desires to assure itself of the employment of the Executive in
accordance with the terms and conditions provided herein; and

      WHEREAS, the Executive wishes to perform services for the Company in
accordance with the terms and conditions provided herein.

      NOW, THEREFORE, in consideration of the premises and the respective
covenants and agreements of the parties herein contained, and intending to be
legally bound hereby, the parties hereto agree as follows:

1.    EMPLOYMENT. The Company hereby agrees to employ the Executive, and the
      Executive hereby agrees to perform services for the Company, on the terms
      and conditions set forth herein.

2.    TERM. This Agreement is for the two year period (the "TERM") commencing on
      May 22, 2000 (the "COMMENCEMENT DATE"), and terminating on May 21, 2002 or
      upon the Executive's earlier death, disability or other termination of
      employment pursuant to Section 7 hereof; PROVIDED, HOWEVER, that on May
      22, 2002, and on each anniversary thereafter, the Term shall automatically
      be extended for one additional year unless, not later than 90 days prior
      to such dates, either party hereto shall have notified the other party
      hereto in writing that such extension shall not take effect. This
      Agreement shall be deemed to have been effective as of the Commencement
      Date.

3.    POSITION. During the Term, the Executive shall hold the title of Executive
      Vice President and Chief Financial Officer.

4.    DUTIES. Subject to the direction and control of the Chief Executive
      Officer of the Company (the "CEO"), the Executive shall render services
      during the Term to the best of her abilities in supervising, conducting
      and being primarily responsible for the financial affairs of the Company,
      and performing such other duties as may be requested by the CEO from time
      to time. During the Term, the Executive shall devote all of her working
      time to such employment, shall devote her best efforts to advance the
      interests of the Company and shall not engage in any other business
      activities, as an employee, director, consultant or in any other capacity,
      whether or not she receives any compensation therefore, without the prior
      written consent of the CEO. It shall not be a violation of this Agreement
      for the Executive to serve on civic or charitable boards or committees, or
      on those corporate boards or committees on which the Executive is serving
      as of the Commencement Date (provided that each shall have been disclosed
      by the Executive to the Company in writing), provided that such activities
      do not materially interfere with the performance of the Executive's duties
      hereunder.

5.    PLACE OF PERFORMANCE. The Executive shall perform her duties and conduct
      her business at the offices of the Company in New York City; PROVIDED,
      HOWEVER, that the Executive may, from time to time, be required to perform
      her duties and conduct her business at other locations to the extent
      reasonable and necessary in connection with the business of the Company.

6.    COMPENSATION AND RELATED MATTERS.

      (a)   ANNUAL BASE SALARY. The Company shall pay to the Executive an annual
            base salary (the "BASE SALARY") of $180,000 or such higher salary as
            may from time to time be determined by the Company, such salary to
            be paid in conformity with the Company's payroll policies (which
            policy


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            shall provide for payment of such annual base salary in no fewer
            than 12 equal monthly installments).

      (b)   BONUS AND INCENTIVE PLANS. During the Term, the Executive shall be
            eligible to participate in stock option, bonus, economic incentive
            and other compensation plans, programs and arrangements that are
            available to other employees of the Company (the "INCENTIVE PLANS").
            The Executive shall be provided benefits under the Incentive Plans
            which, as determined by the Board of Directors of the Company or the
            Compensation Committee thereof (the "BOARD") in its sole discretion,
            acting in good faith, are reasonable after considering the status
            and responsibilities of the Executive. Any awards granted to the
            Executive under the Incentive Plans shall be evidenced by agreements
            containing terms and conditions established by the Board in its sole
            discretion.

      (c)   PENSION AND WELFARE BENEFITS. During the Term, the Executive shall
            be eligible to participate in the pension, retirement and health and
            welfare plans ("BENEFIT PLANS") provided to other employees of the
            Company. The Executive shall be provided benefits under the Benefit
            Plans, which, as determined by the Board in its sole discretion,
            acting in good faith, are reasonable after considering the status
            and responsibilities of the Executive. Without limiting the
            generality of the foregoing, the Executive shall be entitled to
            receive a level of benefits under the Benefit Plans no less
            favorable in the aggregate than those described on Annex A hereto.

      (d)   BUSINESS EXPENSES. The Executive shall be reimbursed for all
            ordinary and necessary business expenses incurred by the Executive
            in connection with her employment upon submission by the Executive
            and approval by the Company of receipts and other documentation in
            accordance with the Company's normal reimbursement procedures.

      (e)   INDEMNIFICATION. During the Term, the Company will, to the extent
            permitted by applicable law, indemnify the Executive against any
            claims arising in connection with the Executive's employment with
            the Company. Notwithstanding the foregoing, the Company shall not
            have any obligation to the Executive under this section for any acts
            of the Executive that constituted malfeasance, a knowing and willful
            violation of applicable law, or were otherwise outside the scope of
            the Executive's employment hereunder.

      (f)   D&O INSURANCE. The Company will maintain for the benefit of the
            Executive Directors and Officers insurance on a basis no less
            favorable than that provided in respect of other senior executives
            of the Company.

7.    TERMINATION. The Executive's employment hereunder may be terminated under
      the following circumstances:

      (a)   DEATH. The Executive's employment hereunder shall terminate upon the
            Executive's death.

      (b)   DISABILITY. If, as a result of the Executive's incapacity due to
            physical or mental illness (as certified in writing by a physician
            mutually satisfactory to the Executive and the Company), the
            Executive shall have been absent from her duties hereunder for the
            entire period of eight consecutive weeks, the Company may terminate
            the Executive's employment hereunder for "DISABILITY."

      (c)   CAUSE. The Company may terminate the Executive's employment
            hereunder for "CAUSE". For purposes of this Agreement, the Company
            shall have "CAUSE" to terminate the Executive's employment hereunder
            (i) upon the Executive's conviction for the commission of an act or
            acts constituting a felony, or (ii) upon the executive's willful and
            continued failure to substantially perform her duties hereunder
            (other than any such failure resulting from the Executive's
            incapacity due to physical or mental illness), after written notice
            has been delivered to the Executive by the Company, which notice
            specifically identifies the manner in which the Executive has not
            substantially


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            performed her duties, and the Executive's failure to substantially
            perform her duties is not cured within ten business days after
            notice of such failure has been given to the Executive.

      (d)   TERMINATION NOT FOR CAUSE; VOLUNTARY TERMINATION. The Company may
            terminate the Executive's employment for any reason at any time. The
            Executive may terminate her employment hereunder at any time upon 60
            days' notice.

      (e)   TERMINATION BY THE EXECUTIVE. The Executive may terminate her
            employment hereunder for "GOOD REASON". "GOOD REASON" for
            termination by the Executive of the Executive's employment shall
            mean the occurrence (without the Executive's consent) of any one of
            the following acts by the Company, or failures by the Company to
            act: (i) a material failure to comply with its obligations under
            Section 6 of this Agreement; (ii) a substantial and continued
            diminution in the nature or status of the Executive's
            responsibilities, duties, offices, or titles; or (iii) the
            relocation of the Executive's principal place of employment to a
            location more than 25 miles from the Company's offices in New York
            City.

      (f)   NOTICE OF TERMINATION. Any termination of the Executive's employment
            by the Company or by the Executive (other than termination under
            Section 7(a) hereof) shall be communicated by written notice of
            termination to the other party hereto in accordance with Section 13
            hereof.

      (g)   DATE OF TERMINATION. "DATE OF TERMINATION" shall mean (i) if the
            Executive's employment is terminated by her death, the date of her
            death and (ii) if the Executive's employment is terminated pursuant
            to Section 7(b), (c) (d) or (e) hereof, the date specified in the
            notice of termination.

8.    COMPENSATION UPON TERMINATION OR DURING DISABILITY.

      (a)   DISABILITY OR DEATH. During any period in which the Executive fails
            to perform her duties hereunder as a result of Disability, the
            Executive shall continue to receive her full Base Salary, as well as
            other applicable employee benefits, until her employment is
            terminated pursuant to Section 7(b) hereof. In the event the
            Executive's employment is terminated pursuant to Section 7(a) or
            7(b) hereof, then, as soon as practicable thereafter, the Company
            shall pay the Executive or the Executive's Beneficiary (as defined
            in Section 12(b) hereof), as the case may be, (i) all unpaid
            amounts, if any, to which the Executive was entitled as of the Date
            of Termination under Section 6(a) hereof and (ii) all unpaid amounts
            to which the Executive was then entitled under the Incentive Plans,
            the Benefit Plans and any other unpaid employee benefits,
            perquisites, vacation pay or other reimbursements (the amounts set
            forth in clauses (i) and (ii) above being hereinafter referred to as
            the "ACCRUED OBLIGATIONS"). In the event the Executive's employment
            is terminated pursuant to Section 7(b) hereof, then the Company also
            shall pay premiums for COBRA benefits on behalf of the Executive for
            a period of six months following the Date of Termination.

      (b)   TERMINATION FOR CAUSE; VOLUNTARY TERMINATION WITHOUT GOOD REASON. If
            the Executive's employment is terminated (i) by the Company for
            Cause or (ii) by the Executive other than for Good Reason, then the
            Company shall pay all unpaid amounts, if any, to which the Executive
            was entitled as of the Date of Termination under Section 6(a) hereof
            to the Executive, within thirty (30) days after the Date of
            Termination, and the Company shall have no further obligations to
            the Executive under this Agreement.

      (c)   TERMINATION WITHOUT CAUSE: TERMINATION FOR GOOD REASON.

            If (i) the Company shall terminate the Executive's employment for
            any reason other than for Disability or for Cause, or (ii) the
            Executive shall terminate her employment for Good Reason, then the
            Company shall pay to the Executive, as the Executive's sole and
            exclusive remedy hereunder, within thirty (30) days after the Date
            of Termination:

            (1)   the Accrued Obligations;


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            (2)   premiums for COBRA benefits on behalf of the Executive for a
                  period of six months following the Date of Termination; and
            (3)   a severance payment, the amount of which shall be determined
                  in accordance with the terms set forth on Annex A hereto.

9.    SPECIAL CHANGE IN CONTROL PROVISION.

      (a)   Notwithstanding any other provisions of this Agreement, in the event
            that any payment or benefit received or to be received by the
            Executive in connection with a Change in Control (as defined in the
            Khanty Mansiysk Oil Corporation 2000 Stock Plan (a "CHANGE IN
            CONTROL")) or the termination of the Executive's employment (whether
            pursuant to the terms of this Agreement or any other plan,
            arrangement or agreement with the Company, any Person (as defined in
            the Stock Plan (a "PERSON") whose actions result in a Change in
            Control or any Person affiliated with the Company or such Person)
            (all such payments and benefits, the "TOTAL PAYMENTS") would be
            subject (in whole or part), to the excise tax (the "EXCISE TAX")
            imposed under section 4999 of the Internal Revenue Code of 1986, as
            amended (the "CODE"), then, after taking into account any reduction
            in the Total Payments provided by reason of section 280G of the Code
            in such other plan, arrangement or agreement, the cash payments
            under this Agreement shall first be reduced, and the non-cash
            payments under this Agreement shall thereafter be reduced, to the
            extent necessary so that no portion of the Total Payments is subject
            to the Excise Tax but only if (I) the net amount of such Total
            Payments, as so reduced (and after subtracting the net amount of
            federal, state and local income taxes on such reduced Total
            Payments) is greater than or equal to (II) the net amount of such
            Total Payments without such reduction (but after subtracting the net
            amount of federal, state and local income taxes on such Total
            Payments and the amount of Excise Tax to which the Executive would
            be subject in respect of such unreduced Total Payments); provided
            that the Executive may elect to have the non-cash payments under
            this Agreement reduced (or eliminated) prior to any reduction of the
            cash payments under this Agreement.

      (b)   For purposes of determining whether and the extent to which the
            Total Payments will be subject to the Excise Tax, (i) no portion of
            the Total Payments the receipt or enjoyment of which the Executive
            shall have waived at such time and in such manner as not to
            constitute a "payment" within the meaning of section 280G(b) of the
            Code shall be taken into account, (ii) no portion of the Total
            Payments shall be taken into account which, in the opinion of tax
            counsel ("TAX COUNSEL") reasonably acceptable to the Executive and
            selected by the accounting firm (the "AUDITOR") which was,
            immediately prior to the Change in Control, the Company's
            independent auditor, does not constitute a "parachute payment"
            within the meaning of section 280G(b)(2) of the Code (including by
            reason of section 280G(b)(4)(A) of the Code) and, in calculating the
            Excise Tax, no portion of such Total Payments shall be taken into
            account which, in the opinion of Tax Counsel, constitutes reasonable
            compensation for services actually rendered, within the meaning of
            section 280G(b)(4)(B) of the Code, in excess of the Base Amount
            (within the meaning of section 280G(b)(3) of the Code) allocable to
            such reasonable compensation, and (iii) the value of any non-cash
            benefit or any deferred payment or benefit included in the Total
            Payments shall be determined by the Auditor in accordance with the
            principles of sections 280G(d)(3) and (4) of the Code.

10.   NON-DISCLOSURE; CONFIDENTIALITY. The parties hereto agree, recognize and
      acknowledge that during the Term the Executive will obtain knowledge of
      confidential information regarding the business and affairs of the
      Company. It is therefore agreed that the Executive shall respect and
      protect the confidentiality of all confidential information pertaining to
      the Company, not disclose in any fashion such confidential information to
      any person at any time during the Term unless doing so is reasonably
      required in the course of the Executive's employment hereunder or required
      by applicable law, rules, regulations or court, governmental or regulatory
      authority order or decree.


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11.   COVENANT NOT TO COMPETE.

      (a)   The Executive hereby agrees that in the event the Executive's
            employment with the Company is terminated (1) by the Company for
            Cause or (2) by the Executive other than for Good Reason, then for a
            period beginning on the date of such termination and ending on the
            second anniversary of the date of such termination (the "RESTRICTED
            PERIOD"), the Executive shall not, directly or indirectly, whether
            acting individually or through any person, firm, corporation,
            business or any other entity:

            (i)   engage in, or have any interest in any person, firm,
                  corporation, business or other entity (as an officer,
                  director, employee, agent, stockholder or other security
                  holder, creditor consultant or otherwise) that engages in any
                  business activity anywhere within the Russian Federation at
                  any time during the Restricted Period, which business activity
                  is the same as, similar to or competitive with the Company as
                  the same may be conducted or planned to be conducted from time
                  to time; provided, however, that the provisions of this clause
                  (i) shall not preclude the Executive from (x) being employed
                  during the Restricted Period as an officer or employee by any
                  person, firm, corporation, business or other entity that
                  engages in a business activity conducted or planned to be
                  conducted within the Russian Federation so long as the
                  Executive, at all times during the Restricted Period, is not
                  engaged or otherwise associated or active in such business
                  activity; or (y) holding an equity investment which represents
                  less than 5% ownership in a publicly registered company as
                  long as the investment is passive;

            (ii)  interfere with any contractual relationship of the Company
                  that may exist from time to time including, but not limited
                  to, any contractual relationship with any director, officer,
                  employee, or sales agent, or supplier of the Company; or

            (iii) solicit, induce or influence, or seek to induce or influence,
                  any person who currently is, or from time to time may be,
                  engaged or employed by the Company as an officer, director,
                  employee, agent or independent contractor, to terminate his or
                  her employment or engagement by the Company.

      (b)   The Executive acknowledges that the non-competition provisions
            contained in this Agreement are reasonable and necessary, in view of
            the nature of the Company and her knowledge thereof, in order to
            protect the legitimate interests of the Company.

      (c)   The Executive acknowledges that the services to be rendered by her
            hereunder are of a character giving them unique value, the loss of
            which cannot be adequately compensated for in damages, and in the
            event of a breach of this Agreement by the Executive, the Company
            shall be entitled to seek equitable relief by way of injunction or
            any other equitable remedies.

      (d)   The Executive and the Company agree that the foregoing covenants are
            reasonable and further agree that if in the opinion of any court of
            competent jurisdiction such restraint is not reasonable in any
            respect, such court shall have the right, power and authority to
            excise or modify such provision or provisions that to the court
            shall appear not reasonable and to enforce the remainder of the
            covenant as so amended.

12.   SUCCESSORS; BINDING AGREEMENT.

      (a)   The Company shall require any successor (whether direct or indirect,
            by asset purchase, stock purchase, merger, consolidation or
            otherwise) to all or substantially all of the business and/or assets
            of the Company, by agreement in form and substance reasonably
            satisfactory to the Executive, to expressly assume and agree to
            perform this Agreement in the same manner and to the same extent
            that the Company would be required to perform it if no such
            succession had taken place. As used in this Agreement, "COMPANY"
            shall mean the Company as hereinbefore defined


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            and any successor to its business and/or assets as aforesaid or that
            otherwise becomes bound by all the terms and provisions of this
            Agreement by operation of law.

      (b)   This Agreement and all rights of the Executive hereunder shall inure
            to the benefit of and be enforceable by the Executive's personal or
            legal representatives, executors, administrators, successors, heirs,
            distributees, devisees and legatees. If the Executive should die
            while any amounts would still be payable to her hereunder if she had
            continued to live, all such amounts, unless otherwise provided
            herein, shall be paid in accordance with the terms of this Agreement
            to the Executive's devisee, legatee, or other designee or, if there
            be no such designee, to the Executive's estate (the "BENEFICIARY").

13.   NOTICE. For the purposes of this Agreement, notices, demands and all other
      communications provided for in this Agreement shall be in writing and
      shall be deemed to have been duly given when delivered or (unless
      otherwise specified) mailed by United States certified or registered mail,
      return receipt requested, postage prepaid, addressed as follows:

      If to the Company:

                  Mr. John B. Fitzgibbons
                  Khanty Mansiysk Oil Corporation
                  152 West 57th Street, 29th Floor
                  New York, NY 10019

      If to the Executive:

                  Ms. Gail Coleman
                  300 Mercer Street #26M
                  New York, NY   10003-6741

      or to such other address as either party may have furnished to the other
      in writing in accordance herewith, except that notices of change of
      address shall be effective only upon receipt.

14.   MISCELLANEOUS. No provision of this Agreement may be modified, waived or
      discharged unless such waiver, modification or discharge is agreed to in
      writing signed by the Executive and the Chief Executive Officer of the
      Company. No waiver by either party hereto at any time of any breach by the
      other party hereto of, or compliance with, any condition or provision of
      this Agreement to be performed by such other party shall be deemed a
      waiver of similar or dissimilar provisions or conditions at the same or at
      any prior or subsequent time. No agreements or representations, oral or
      otherwise, express or implied, with respect to the subject matter hereof
      have been made by either party, which are not set forth expressly in this
      agreement.

15.   WITHHOLDING; PAYMENT. Notwithstanding any other provision of this
      Agreement, the Company may withhold from amounts payable under this
      Agreement (i) all federal, state, local, and foreign taxes that are
      required to be withheld by applicable laws or regulations and (ii)
      standard Company deductions. All cash amounts required to be paid
      hereunder shall be paid in United States dollars.

16.   GOVERNING LAW; ARBITRATION. The validity, interpretation, construction and
      performance of this Agreement shall be governed by the laws of the state
      of New York without regard to its conflicts of law principles. Any
      dispute, controversy or claim arising out of or relating to this
      Agreement, including the breach, validity or termination thereof, shall be
      finally settled by binding arbitration in New York, New York by one
      arbitrator in accordance with the Commercial Arbitration Rules of the
      American Arbitration Association then in effect. Judgment upon the award
      of the arbitrator may be entered in any court of competent jurisdiction.
      The arbitration shall be governed by the United States Arbitration Act, 9
      U.S.C.ss.1-16.


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17.   VALIDITY. The invalidity or unenforceability of any provision or
      provisions of this Agreement shall not affect the validity or
      enforceability of any other provision of this Agreement, which shall
      remain in full force and effect.

18.   COUNTERPARTS. This Agreement may be executed in one or more counterparts,
      each of which shall be deemed to be an original but all of which together
      will constitute one and the same instrument.

19.   ENTIRE AGREEMENT. This Agreement sets forth the entire agreement of the
      parties hereto in respect of the subject matter contained herein and
      supersedes any and all other prior agreements, promises, covenants,
      arrangements, communications, representations or warranties, whether oral
      or written, by any officer, employee or representative of any party
      hereto; and any prior agreement of the parties hereto in respect of the
      subject matter contained herein is hereby terminated and cancelled.

20.   LEGAL FEES. The Company shall reimburse to the Executive reasonable legal
      fees and reasonable professional expenses incurred directly on behalf of
      the Executive (i) in disputing in good faith any issue hereunder relating
      to the termination of the Executive's employment or (ii) in seeking in
      good faith to obtain or enforce any benefit or right provided by this
      Agreement or (iii) in connection with any tax audit or proceeding to the
      extent attributable to the application of Section 4999 of the Code to any
      payment or benefit provided hereunder; provided, however, that such
      reimbursement shall be subject to a maximum of $5,000 unless it arises in
      an event described in clauses (i) or (ii) above and the Executive prevails
      in the matter at issue, in which case the maximum reimbursement shall be
      $200,000. Such payments shall be made within ten (10) business days after
      delivery of the Executive's written request(s) for payment accompanied by
      such evidence of fees and expenses incurred as the Company reasonably may
      require.

21.   NO MITIGATION. The Company agrees that, if the Executive's employment with
      the Company terminates during the Term, the Executive is not required to
      seek other employment or to attempt in any way to reduce any amounts
      payable to the Executive by the Company pursuant to this Agreement.
      Further, the amount of any payment or benefit provided for in this
      Agreement shall not be reduced by any compensation earned by the Executive
      as the result of employment by another employer or by retirement benefits.
      The amount of any payment or benefit provided for in this Agreement may,
      however, be reduced by the present value of any amount owed by the
      Executive to the Company or its affiliates, as determined by the Company
      in its sole discretion.


IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and
year first above written.

                              KHANTY MANSIYSK OIL CORPORATION



                              By:     /s/ John B. Fitzgibbons
                                      -----------------------
                              Name:   Mr. John B. Fitzgibbons
                              Title:  President and Chief Executive Officer


                              EXECUTIVE



                              By:     /s/ Gail Coleman
                                      ----------------
                              Name:   Ms. Gail Coleman



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ANNEX A TO MS. COLEMAN'S EMPLOYMENT AGREEMENT


Pension and Welfare Benefits:


<TABLE>
<S>                                             <C>
         Vacation Time                           4 weeks annually

         Pension Benefits                        401(k) with applicable matching contributions

         Health Insurance                        100% of the premium for the Executive

         Life Insurance                          2x base salary

         Travel/Accident Insurance               $ 1 million

         Prepaid Bonus                           $ 20,000 at signing
</TABLE>


Severance Payment:

If the Executive terminates her employment for Good Reason or if the Company
terminates the employment of the Executive for any reason other than for
Disability or for Cause, the Company shall pay to the Executive, in a cash lump
sum, one and one half (1 1/2) times her Base Salary; PROVIDED, HOWEVER, that the
payment shall be two (2) times her Base Salary if such termination of employment
occurs within eighteen (18) months following a Change in Control.