Press Releases

Moscow and London (30 June 2004) – OAO LUKOIL today announced that it has signed a binding agreement with Eni, whereby LUKOIL will buy from Eni its fifty percent interest in LUKAgip N.V. Completion is subject to certain closing conditions and is therefore expected to take place in the third quarter of 2004.

An isomerization unit with an annual capacity of 120 thousand tons was put into operation at the Odessa Refinery (OAO “LUKOIL–Odesski Refinery)” in Ukraine today.

Today, the Management Committee of OAO LUKOIL decided to sell shares held by its group companies in OAO Bank Petrocommerce which in aggregate constitute over 80% of its charter capital.

Today in Kstovo (Nizhegorodskaya region) at OAO “LUKOIL-Nizhegorodnefteorgsintez” the LF-35/21-1000 permanent catalyst regeneration catalytic reformer was officially put into operation.

The first joint technical committee meeting between LUKOIL and the Ministry of Petroleum of Iraq regarding cooperation in Iraqi oil and gas industry was held today in Moscow.

The LUKOIL Management Committee resolved to sell a 38% share owned by OAO LUKOIL in ZAO LUKOIL-Neftegazstroy to the managers of LUKOIL-Neftegazstroy today.

Today in Tashkent, Deputy Prime-Minister of the Republic of Uzbekistan Utkir Sultanov, Chairman of the National Holding Company Uzbekneftegaz Abdusalom Azizov and President of OAO LUKOIL Vagit Alekperov signed a Production Sharing Agreement (“PSA”) on the Kandym-Khausak-Shady project, calling for production of natural gas in the Bukharo-Khivinsky Region in the south-west of the country.