LUKOIL AND RUSSIAN CHAMBER OF COMMERCE AND INDUSTRY SIGN COOPERATION AGREEMENT

Tuesday, August 28, 2007

Today in Moscow, Vagit Alekperov, President of OAO LUKOIL, and Evgeny Primakov, President of the RF Chamber of Commerce and Industry (the CCI), signed an information cooperation agreement between the Company and the CCI.

Among other things, the document implies that the RF CCI as an internationally recognized organization will support LUKOIL in establishing business relations with foreign partners, mixed chambers of commerce and business councils of foreign countries.

Another important area of cooperation will be aimed at creating a favorable legal environment for entrepreneurial activities. The Russian CCI has accumulated a vast scientific and expert potential, as well as a set of tools for efficient lawmaking at executive and legislative level.

On its part, LUKOIL will provide the CCI with advisory support and expertise on the global oil and gas market development, on export of hydrocarbon, Russia-produced petroleum products and petrochemicals.

The agreement also implies that permanent and provisional joint expert teams, councils and commissions to discuss various entrepreneurial challenges be created.

‘Cooperation between LUKOIL and the RF Chamber of Commerce and Industry will most definately help step up competitive strength of the Russian business, create a positive image of the Russian companies abroad and provide for their better integration with the international business community’, said Vagit Alekperov, OAO LUKOIL President.