Press releases

OAO “LUKOIL” (“LUKOIL” or the “Company”) has started commercial production of Jet A -1 fuel in compliance with the requirements of the International Air Transport Association (IATA).

Hereby OAO LUKOIL presents its 2002 consolidated results for the year ended December 31, 2002 and comparative data for preceding years as well as results for the forth quarter of 2001.

Hereby OAO LUKOIL presents its 2002 preliminary consolidated results for the year ended December 31, 2002 and comparative data for preceding years. All items are presented in millions of US dollars, except for earnings per share data.

OAO LUKOIL Management Board has approved «Fundamentals of Insurance Strategy and Policy of OAO LUKOIL and its Subsidiaries».The document defines the purpose of the Insurance System of OAO LUKOIL and its subsidiaries, its goals and structure. It also stipulates the requirements for the System’s participants and the insurance companies which provide insurance coverage for OAO LUKOIL and its subsidiaries.

In compliance with the Federal Law of the Russian Federation on Joint Stock Companies and the Company Charter, OAO LUKOIL (“LUKOIL”) Board of Directors gave its tentative approval to the annual report for 2002 at its session in Moscow today.

OAO LUKOIL has completed an evaluation and independent audit of its oil and gas reserves as of January 1, 2003. According to the data audited by Miller and Lents (USA), LUKOIL’s proved reserves as of the above date are estimated at 19.3 billion boe (compared with 16.8 billion boe as of January 1, 2002), including 15.3 billion barrels of crude oil and 24,2 trillion cubic feet of natural gas.

OAO LUKOIL (“Lukoil” or the “Company”) (LSE: LKOH) today announces that its affiliate LUKOIL Overseas (BVI) Limited has completed the sale to INPEX Southwest Caspian Sea Limited, an affiliate of INPEX Corporation and the Japan National Oil Corporation, of its entire interest in the Azeri-Chirag-Gunashli project for approximately $1.354 billion in cash, subject to certain post-closing adjustments.

A meeting was held in order to discuss 5 main matters.

Today in Baku, Natik Aliyev, President of the State Oil Company of Azerbaijan Republic (SOCAR), and Vagit Alekperov, President of OAO LUKOIL (“LUKOIL”), signed a package of agreements on additional terms and conditions for the exploration and development of a promising offshore Block, Yalama D-222 in the Azerbaijan sector of the Caspian Sea.