LUKOIL AND RUSSIAN ARMS SALES AGENCY ROSOBORONEXPORT SIGN GENERAL AGREEMENT ON COOPERATION

Thursday, July 12, 2001

President of LUKOIL Vagit Alekperov and General Director of Russian arms sales agency Rosoboronexport Andrei Belyaninov have signed today in Moscow the General agreement on cooperation between the two companies.

According to this agreement, LUKOIL and Rosoboronexport, having wide experience in working abroad, join their efforts to achieve maximum efficiency in the economic activities of both companies on foreign markets.

It is assumed that both companies will engage in joint consideration of the projects submitted by foreign customers and which are part of their core activities.

Besides, the companies will render each other assistance in establishing business relations with foreign customers - potential importers of the production.

According to General Director of Rosoboronexport Andrei Belyaninov, the General agreement will allow his company to make use of more flexible forms of work with foreign customers and, undoubtedly, will contribute to further increase in the export volumes of Russian defense industry products.

"We are positive that the General agreement signed today will help establish closer coordination of activities of our companies abroad and strengthen the standing of Russia on world markets", - said LUKOIL President Vagit Alekperov.