PRESS RELEASE

Monday, March 4, 2002

Due to the fact that some media reports informed recently about LUKOIL’s intentions to buy upstream and downstream assets in Peru, LUKOIL’s Press Service officially announces:

OAO LUKOIL thoroughly reviews oil business activities of other countries and LUKOIL’s representatives have, among others, visited Peru, where they have held negotiations with the prospective partners.

But in the mid-term the possible LUKOIL’s participation in any particular project in Peru is not considered to be an issue of a significant importance.