LUKOIL COMPLETES ANOTHER STAGE OF REFINERY MODERNIZATION IN ODESSA

Wednesday, June 30, 2004

An isomerization unit with an annual capacity of 120 thousand tons was put into operation at the Odessa Refinery (OAO “LUKOIL–Odesski Refinery)” in Ukraine today.

The opening ceremony was attended by Vagit Alekperov, President of OAO LUKOIL, and Victor Yanukovich, Prime Minister of Ukraine.

The construction of the unit is an important part of a modernization program launched at the refinery to increase production of high quality gasoline brands up to 330 thousand tons per year.

The start-up of the unit will allow the refinery to comply with EN-228:2000 European standards regulating aromatic hydrocarbons, benzol and sulfur content in the produced gasoline.

The share of high octane types of gasoline (AI-92, 95, 98), which nowadays fully meet EURO 3 requirements, will be no less than 96% of the aggregate production volume.

The use of high quality fuel, produced at the Odessa Refinery, will allow to significantly reduce hazardous car emissions thus protecting environment.