PRESS RELEASE

Wednesday, March 27, 2002

OAO LUKOIL President Vagit Alekperov starts his business trip to Komi Republic today. Mr. Alekperov will visit some of OOO "LUKOIL-Komi" production facilities and will hold meetings with the management of the subsidiary enterprises in Usinsk.

It is also planned that during the meeting with the Head of Komi Republic Vladimir Torlopov in Siktivkar tomorrow the cooperation agreement between the Komi Republic and OAO LUKOIL will be signed. The agreement will cover the important issues for further development of Company's activity in the region.

Press Service announces that OOO "LUKOIL-Komi" General Director Vladimir Zarubezhnov has agreed on a transfer to a managerial position at Company's Central office in Moscow.

The position of OOO "LUKOIL-Komi" General Director was offered to the Chief Engineer of the Enterprise, Vladimir Muliakov.