PRESIDENT OF LUKOIL AND PRIME MINISTER OF LITHUANIA MEET IN MOSCOW

Monday, October 20, 2003

President Vagit Alekperov of LUKOIL and Prime-Minister Algirdas Brazauskas of the Republic of Lithuania had a meeting in Moscow today in the framework of the Prime-Minister’s working visit to Russia.

The Parties discussed LUKOIL’s activities in Lithuania where the Company operates over 100 filling stations.

Also, Vagit Alekperov spoke of the D-6 Project to develop Kravtsovskoye oilfield in the Baltic Sea.

On President Brazauskas’ instruction, a team of Lithuanian experts visited OOO LUKOIL-Kaliningradmorneft on October 13-15 to obtain comprehensive information on the environmental safety of the D-6 Project. The Lithuanian experts visited the metalwork plant where a sea ice-proof stationary platform and an oil terminal for the village of Izhevskoye had been manufactured. The team also inspected a fleet of auxiliary vessels and looked at the equipment for the containment and liquidation of oil leakages. The experts were invited to visit the sea platform after its pending commissioning.

LUKOIL’s environmental protection activities are in full conformity with the International Standards ISO 14000 and OHSAS 18000. Germanischer Lloyd, a certifying company, supervised the D-6 platform construction works. In 2002, KPMG, a leading international auditor, carried out an independent environmental audit and gave a positive assessment of the Company’s activities.