Press releases

International Finance Review (IFR) acclaimed a $765 mln syndicated financing facility (“Facility”), taken by OAO LUKOIL (“LUKOIL” or “the Company”), as the Best Emerging Markets Deal of 2003.

OAO LUKOIL (“LUKOIL” or “the Company”) will give presentations of its Environmental Safety Program for 2004-2008 in Syktivkar, Perm and Volgograd on 17th , 18th and 24th December 2003.

Vagit Alekperov, President of OAO LUKOIL (“LUKOIL” or “the Company”), has been appointed to Kazakhstan’s Foreign Investment Council in accordance with a decree of Nursultan Nazarbayev, President of the Republic of Kazakhstan.

LUKINTER FINANCE B.V., an indirect wholly-owned subsidiary of OAO LUKOIL, has paid a six-month interest on Convertible Euro Bonds.

The Board of Directors of OAO LUKOIL (“LUKOIL” or “the Company”) convened today in Geneva to approve the Strategic Development Program of the Group for the period 2004-2013. The program calls for a 2-2.5-fold increase of key financial indicators and 1.8-fold increase of hydrocarbon production with capital expenditures exceeding USD 25 bln.

The volume of trading in LUKOIL ADRs on the London Stock Exchange rose by 121.4% in October 2003 compared with September 2003 and totaled more than $1.8 bln. Trading in LUKOIL shares on the MICEX and RTS rose by 124.3% (to $1.35 bln) and 236.4% (to $96 mln) respectively.

Vagit Alekperov, President of OAO LUKOIL (“LUKOIL” or “the Company”), held a meeting with the representatives of banks which arranged a syndicated financing facility.

The first meeting of the LUKOIL BoD Audit Committee was held in Moscow оn November 17, 2003. The meeting discussed aspects of financial and tax accounting, and legal issues, which arose during annual internal audit of the Company’s business and finances. Issues concerning conduct of independent external audit of the Company were also discussed.

LUKINTER FINANCE B.V., a member of the OAO LUKOIL Group, has fully redeemed convertible bonds.