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History. 2005

V. Filanovskiy Field Discovered in the Caspian Sea

LUKOIL discovers a major multi-reservoir oil-gas-condensate field at Severnyi license area in the northern part of the Caspian Sea. The new field’s recoverable oil reserves are estimated at 153.1 million tons, with 32.3 million cubic meters of recoverable gas reserves. This is one of the most significant discoveries in Russia of the past decade. The new field was named after Vladimir Filanovskiy, an outstanding oiler who made a great contribution to the development of the country’s oil industry.

 Finnish Petroleum Product Market Entered

The Company acquires the Finnish “Oy Teboil Ab” and “Suomen Petrooli Oy” that are engaged in petroleum product retail and wholesale business, and market lubricants. The key implication of the deal is that LUKOIL is entering the Finnish end consumer market of petroleum products.

Business in Kazakhstan Expanded

The Company acquires Nelson Resources Limited that holds interests in four production projects in West Kazakhstan (Alibekmola, Kozhasay, Karakuduk, Northern Buzachi and Aramn fields) and is party to the option agreement for two exploration blocks in the Kazakh sector of the Caspian Sea (Zhambay South – South Zaburunye). The 1.951 billion dollar deal becomes the largest in LUKOIL’s history.

Production at Nakhodkinskoye Field Commenced

Nakhodkinskoye gas field is commissioned in Bolshekhetskaya Depression (Yamal-Nenets Autonomous Okrug). Achievement of the field’s rated capacity will secure gas production of 10 billion cubic meters. Other Bolshekhetskaya Depression fields, the development of which represents a cornerstone in PJSC LUKOIL’s gas business development strategy, are due to be commissioned over 2007-2011.

EURO-4 Diesel Fuel Becomes Generally Available for Retail Customers

LUKOIL becomes Russia’s first oil company to commence large-scale production of LUKOIL Euro-4 diesel fuel with improved environmental properties, and makes it generally available for retail customers. This fuel complies with European environmental requirements to diesel fuel ЕN-590:2004 applicable in the European Union since 2005.

Nizhniy Novgorod Refinery Reconstructed and Upgraded

LUKOIL starts reconstruction and upgrading operations at Nizhniy Novgorod refinery, which are due to be completed in 2009. The estimated capital investments are about 500 million dollars that will be used for the construction of catalytic cracking, alkylation, and visbreaking units, as well as light products shipping terminals.