Press Releases

The LUKOIL Board of Directors held a meeting today to consider the way the strategic concept of the Company`s development for the years 2005-2010 is implemented. The Board of Directors introduced amendments and additions into the Concept.

LUKARCO, being a joint venture between LUKOIL (54%) and Atlantic Richfield Co. of US (46%), in accordance with the 1998-1999 Work Plan conducted a 2D seismic survey at the D-222 prospective oil block in the Caspian Sea. To further understanding of the structure and optimize drilling locations for the first exploration wells, a 3D seismic survey was conducted in the central part of the structure.

LUK-Sintez Oil Ltd. acquired a controlling interest (51.9%) of the Odessa oil refinery.

In April 1999 within the framework of the Y2K problem, LUKOIL will complete testing of all its information systems. The Company started working on the Y2K- compliance in 1997. All measures are taken in accordance with detailed plans worked out by all subsidiaries of the Company. They will primarily cover the most critical business areas such as finance, economics, marketing of oil and petroleum products, SCADA control systems, telecommunications, interaction with partners, social infrastructure and security.

March 31, 1999 - A ceremony of delivering a new ice-going tanker named «St.Petersburg» to the LUKOIL fleet was held today at the MTF Schiffwerft GmbH shipyards in Wismar (Germany).

OOO Trading House LUKOIL, a subsidiary of the LUKOIL oil company, received a certificate of compliance with the ISO 9002 international quality standard, issued by the British Standards Institution (BSI). The certificate on behalf of BSI was presented by representatives of the global professional advisory firm KPMG. BSI is the most authoritative of the European certifying organisations. The certification of OOO Trading House LUKOIL is the first example of BSI working with a Russian company.