Press Releases

LUKOIL revised its production plan for 2004 setting new 6-7% annual growth target. According to new plan 2004 output is estimated at the level of 86.2-87.0 million tons depending on availability of effective transport capacities.

A Cooperation Agreement between Sverdlovsk Region and OAO LUKOIL was signed by Eduard Rossel, Governor of the Region, and Vagit Alekperov, President of LUKOIL, in Yekaterinburg today.

LUKOIL Oil Company announced that it has agreed to acquire 795 gas stations from ConocoPhillips in the states of New Jersey and Pennsylvania. The purchase price of the acquisition is $265,75 mln., out of which $50 mln. is LUKOIL’s capital contribution. The remaining financing will be solely arranged by US bank Lehman Brothers which shall also act as sole financial and M&A advisor. This loan will be issued to LUKOIL for six years with the real estate assets as collateral.

Basing on the results of an open tender, OAO LUKOIL has been granted the right to conclude an agreement with the government of Saudi Arabia for the exploration and development of natural gas and gas condensate deposits in Block A in the Kingdom of Saudi Arabia.

OAO LUKOIL presents its operating results for the nine months of 2003, together with comparative data for the nine months of 2002. All items are presented in millions of US dollars, except for production data and earnings per share data.

The OAO LUKOIL (“LUKOIL” or “the Company”) Board of Directors reviewed preliminary results of the Company’s performance in 2003 at a meeting in Moscow today.

Anatoly Barkov, Vice-President of LUKOIL, and Vladimir Vasin, First Vice-president of the Russian Olympic Committee (ROC), signed a License Agreement on the assignment to LUKOIL of exclusive rights to use the ROC trademark in Moscow today.

Today in Astana (the capital of the Republic of Kazakhstan) Vagit Alekperov, President of OAO LUKOIL, Uzakbai Karabalin, President of National Oil & Gas Company KazMunaiGaz, and Bakhytzhan Khasanov, General Director of KazMunaiTeniz have signed an agreement under which LUKOIL acquires a 50% share in the PSA for the Tyub-Karagan offshore. Also, the agreement to conduct a geological survey on the Atashsky sector on parity basis has been signed.