Press releases

Hugo Chavez Frias, President of the Bolivarian Republic of Venezuela, OAO LUKOIL and National Petroleum Company Petroleos de Venezuela S.A. (PDVSA) signed a Memorandum of Understanding (MoU) in the Kremlin today. The MoU was signed during the official visit of the President of Venezuela to Russia.

A meeting timed to the completion of river navigation was held at LUKOIL premises today. Issues connected with safe operation of sea and river terminals were discussed at the meeting.

Uzbekistan President Islam Karimov met with LUKOIL President Vagit Alekperov today in Tashkent, the capital of Uzbekistan.

A placement of non-convertible interest-bearing documentary bonds to bearer took place today on the Moscow Interbank Currency Exchange (MICEX).

An Extraordinary General Shareholders Meeting of OAO “LUKOIL” will be held on 24 January 2005 at the Company’s Headquarters in Moscow.

Today Leonid Fedoun, Vice-President of OAO LUKOIL, and Martin Hansen, CFO of Eurasia Drilling Company Limited (EDC) signed a sale and purchase agreement in respect of LUKOIL’s 100% stake in the charter capital of OOO LUKOIL-Bureniye. The transaction is subject to customary closing conditions and the receipt of required consents and approvals and is expected to close prior to the end of this year.

On the instructions of the Board of Directors of OAO LUKOIL Vagit Alekperov, President of OAO LUKOIL, set an offering commencement date of non-convertible interest-bearing documentary bonds at 23 November 2004.

The Board of Directors of OAO LUKOIL by absentee voting has determined a repurchase price of non-convertible interest-bearing documentary bonds to bearer wich the Company plans to offer before the end of 2004.