LUKOIL AND NENETSKI AUTONOMOUS REGION ADMINISTRATION HAVE PLANNED THE DIRECTIONS OF COOPERATION

Thursday, October 24, 2002

LUKOIL President Vagit Alekperov and the Governor of Nenetski Autonomous Territory (NAT) Vladimir Butov signed a memorandum of understanding between LUKOIL and NAT.

The document covers the main principles of cooperation between OAO LUKOIL and NAT Administration on the following issues:

- development of energy resources and infrastructure in the territory;

- improvement of financial, economic and social stability in the territory;

The Governor of NAT Vladimir Butov signed the Supplement №2 to the PSA between the Government of the Russian Federation, NAT and French joint-stock company “Total Exploration Development Russia” aiming to develop Kharyaginskoe oil field. The field harbors 580 mn bbl of proved oil reserves. According to the Supplement №2 LUKOIL receives 20% stake in the project.

LUKOIL President Vagit Alekperov said: “We are satisfied with increasing level of cooperation between our company and NAT. We are sure that the newly signed documents will create new business opportunities in Timan-Pechora oil and gas province.”