News

The second group of Iraqi experts (46 people) has arrived to Kogalym of Khanty-Mansiysky Autonomous Area for internship at LUKOIL West Siberia.

Moscow and London (30 June 2004) – OAO LUKOIL today announced that it has signed a binding agreement with Eni, whereby LUKOIL will buy from Eni its fifty percent interest in LUKAgip N.V. Completion is subject to certain closing conditions and is therefore expected to take place in the third quarter of 2004.

The first joint technical committee meeting between LUKOIL and the Ministry of Petroleum of Iraq regarding cooperation in Iraqi oil and gas industry was held today in Moscow.

The company LITASCO, a 100% subsidiary of LUKOIL, has signed a contract with Refinery Associates of Texas, Inc (USA) on supply of gasoline and diesel fuel to the northern provinces of Iraq.

On March 10, 2004, negotiations between Vagit Alekperov, President of OAO LUKOIL, and Ibrahim Bahr al-Ulyum, Minister of Oil of Iraq, were held in Baghdad. During the negotiations the parties discussed a wide range of questions related to the bilateral coopration. As a result of the meeting a Memorandum of understanding and cooperation was signed.

Today in Riyadh, the capital of the Kingdom of Saudi Arabia, Vagit Alekperov, President of OAO LUKOIL, and Ali I. Al-Naimi, Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia, acting on behalf of the Government of Saudi Arabia, signed an upstream agreement for exploration, development and production of non-associated gas and condensate in Contract Area A for 40 years.

Basing on the results of an open tender, OAO LUKOIL has been granted the right to conclude an agreement with the government of Saudi Arabia for the exploration and development of natural gas and gas condensate deposits in Block A in the Kingdom of Saudi Arabia.

LUKOIL President Vagit Alekperov met today in Moscow with the Chairman of the Temporary Governing Council of Iraq, Abdel-Aziz al-Hakim.