Press releases

The y2k compliance procedures at all subsidiaries and affiliates of LUKOIL are complete. Preparation of risk and contingency plans and personnel training for mitigating contingent failures and disruptions beyond the turn of the year 2000 and assuring continued operation of subsidiaries are also complete.

LUKOIL and its 22 subsidiaries reported 9 months 1999 income before taxation of RUB19,981m (versus RUB1,951m for 9 months of 1998).

Today in Perm LUKOIL-Permnefteorgsintez OOO (the Perm refinery) has launched a new sulfuric acid production unit. The launch of the new unit is one of the stages of the refinery upgrade under the Federal Fuel and Energy program.

An extraordinary shareholder meeting of Kominefteprodukt OAO, an affiliate of KomiTEK, has taken place today in Syktyvkar. The shareholder meeting was summoned in connection with LUKOIL's acquisition of KomiTEK and its affiliates through a share swap.

LUKOIL held a meeting of the Board of Directors on the 26th of November 1999. The Board of Directors discussed the 1999 budget accomplishment and outlined basic guidelines for the Company's performance in 2000.

LUKOIL Neftechim, a subsidiary of LUKOIL, and FINA RESEARCH S.A. of Belgium have signed a licensing agreement in Moscow today.

Today the Admiralty shipyards in St. Petersburg have launched the second ice-going tanker named "Magas" built for LUKOIL. In total 5 vessels of the same class will be built for the Company at the Admiralty shipyards.

Today OAO LUKOIL has ensured a coupon payment on convertible bonds issued by its Dutch affiliated company LUKINTER FINANCE B.V.