LUKOIL AND NENETS AUTONOMOUS OKRUG PLEDGE COOPERATION

Wednesday, March 19, 2014

Vagit Alekperov, OAO LUKOIL President, and Igor Koshin, acting Governor of the Nenets Autonomous Okrug, signed a 2014 Protocol to the Cooperation Agreement between the company and the NAO, in Naryan-Mar today.

The Okrug’s Administration, in line with the applicable legislation, will support LUKOIL Group organizations while helping them participate in bidding procedures and auctions held to obtain subsoil-use licenses. It will also assist the company in solving issues it will have to tackle while fulfilling its subsoil rights.

The NAO Administration will also expedite for the company the provision of rights to exploration and field development should such fields be discovered. This year, LUKOIL Group is allocating more than 300 million rubles for the social and economic development of the NAO.