LUKOIL AND QATAR PETROLEUM SIGN THE MEMORANDUM OF UNDERSTANDING

Monday, February 12, 2007

Today in Doha during the visit of Russian President Vladimir Putin to Qatar, His Excellency, Abdullah Bin Hamad Al-Attiyah, the Chairman and Managing Director of Qatar Petroleum, and Mr. Vagit Alekperov, the President of LUKOIL, have signed a Memorandum of Understanding regarding cooperation in the area of exploration, development and recovery of oil and gas fields.

Under the Memorandum of Understanding, the Parties will work together to identify frameworks to explore possible opportunities for mutually acceptable participation in oil and gas projects within the territory of Qatar.

“Our Company is interested in participating in new projects, as well as in the existing oil and gas projects in Qatar, given the strategic significance of the Gulf region as the largest petroleum province of the world”, said the President of LUKOIL Vagit Alekperov.

Qatar has strong petroleum potential and highly developed economical infrastructure, and is one of the world leaders in production of liquefied natural gas (“LNG”).

His Excellency Al-Attiyah said, “Qatar Petroleum welcomes international oil companies to participate with it in Qatar’s development. All of our developments, whether for gas, gas-to-liquids, LNG or petrochemicals, are built on long-term mutually beneficial relationship with strong international partners, and we look forward to exploring such opportunities with LUKOIL.”