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History. 2004

Completing Privatization: Strategic Partnership with ConocoPhillips

ConocoPhillips becomes PJSC LUKOIL’s shareholder after submitting a winning bid to purchase a 7.59% stake in LUKOIL previously owned by the federal government. This marks yet another milestone in the Company’s development. It has now become fully private and has a strategic international partner. The companies are to sign a strategic partnership agreement pursuant to which ConocoPhilips will have the opportunity to increase its stake up to 20%, which was successfully implemented later on.

Presence in Kazakhstan Expanded

LUKOIL purchases a 50% interest in the Production Sharing Agreement for Tyub-Karagan offshore block in the Kazakh sector of the Caspian Sea.

U.S. Network of Service Stations Expanded

LUKOIL purchases 795 service stations from ConocoPhilips in New Jersey and Pennsylvania. Given the annual sales of the acquired service stations network, the transaction virtually doubled the Company’s market share in the U.S. Northeast.

Kravtsovskoye Field in the Baltic Sea Commissioned

Drilling operations commence at Kravtsovskoye field (D6) in the Baltic Sea. Kravtsovskoye oilfield discovered back in 1983, is located 22.5 km offshore from Kaliningrad Oblast. Water depth in the field area ranging from 25 to 35 meters. Russian President Vladimir Putin sent a greeting message to PJSC LUKOIL team to congratulate the Company on commencement of operations at Kravtsovskoye field.

Gas Project in Saudi Arabia

LUKOIL and Saudi Arabia signed a contract for exploration and development of gas and gas-condensate fields at Block A. The contract term is 40 years. Block A is located in the center of Saudi Arabia near Ghawar, the world’s largest oil field.

Uzbekistan: LUKOIL Builds Up its Gas Assets

LUKOIL and National Holding Company Uzbekneftegaz sign a Production Sharing Agreement for Kandym-Khauzak-Shady project in which the Company holds a 90% stake. Natural gas in-place reserves in the contract area are estimated at 283 billion cubic meters.

First Sustainable Development Report

LUKOIL issues its first sustainable development report. The Company expects that publication of this report will help encourage a more active dialogue with the civil society, improve the level of trust among the public not only to LUKOIL, but to the corporate sector as a whole. Starting from 2004, LUKOIL’s reports on sustainable development have been published every two years on a regular basis.