No. 1, 2008

Events, Agreements, Meetings

October 25, 2007:

In Ploesti (Republic of Romania), LUKOIL President Vagit Alekperov took part in the ceremony to start up two new production facilities at the Petrotel-LUKOIL Refinery.

October 26, 2007:

In Odessa (Republic of Ukraine), First Vice-President of LUKOIL Vladimir Nekrasov and Vice-President of the Company Nikolay Cherny participated in celebrations to mark the completion of the first stage in the upgrading of the Odessa Refinery. In accordance with the program for the first stage of upgrading, the atmospheric-vacuum distillation unit and a number of general plant facilities were renovated.

October 29, 2007:

In Moscow, a meeting of the Board of Directors of LUKOIL approved the Key Indicators of the Medium-Term Plan of the LUKOIL Group for 2008-2009, as well as the Budget and Investment Program for 2008.

October 30, 2007:

In Perm, First Executive Vice-President of LUKOIL Ravil Maganov and First Vice-President of the Company Vladimir Nekrasov took part in the ceremony to put in operation two new production facilities at LUKOIL-Permnefteorgsintez.

November 2, 2007:

In Moscow, LUKOIL President Vagit Alekperov and Saratov Region Governor Pavel Ipatov signed an agreement on cooperation between the Region and the Company. The document envisages, in particular, construction on the territory of the Saratov Region of new and renovation of existing LUKOIL facilities for production of petrochemical products, as well as transportation, storage and sales of petroleum products, including expansion of the network of gasoline filling stations.

November 6, 2007:

In Ukhta (Republic of Komi), LUKOIL President Vagit Alekperov took part in the ceremony to start up a unit for petroleum tar visbreaking at LUKOIL-Ukhtaneftepererabotka, with a design capacity of 800 thousand tons per year.

November 21, 2007:

In Khanty-Mansiysk, Governor of the Khanty-Mansi Autonomous Area Alexander Filipenko and LUKOIL President Vagit Alekperov signed a Supplementary Agreement to the Cooperation Agreement between the Government and the Company.

November 21, 2007:

In Damascus (Syrian Arab Republic), LUKOIL Overseas Holding and the Ministry of Oil of Iraq held the 6th session of the Joint Management Committee and the technical group. The participants in the meeting noted that all the resolutions of the previous session, held in last June, were being implemented on time and in full.

November 29, 2007:

In the Bukhara Region (Republic of Uzbekistan), First Deputy Prime Minister of Russia Sergey Ivanov, Deputy Prime Minister – Minister of Finance of Uzbekistan Rustam Azimov, LUKOIL President Vagit Alekperov and Chairman of the Management Board of National Holding Company Uzbekneftegaz Nurmuhammad Akhmedov took part in the ceremony to mark the commissioning of the Khauzak gas field.

December 3, 2007:

In Moscow, a meeting was held of the Board of Directors of LUKOIL to consider projects for raising the market value of the Company’s shares and measures for increasing the operating efficiency of refining and petrochemical companies of the LUKOIL Group. The following tasks were set for the Refining business sector: optimization of the production/refining ratio, attainment of high returns on invested capital, and achievement of competitive advantages by means of premium quality petroleum products.

December 8, 2007:

In Volgograd, Nikolay Maksyuta, Head of the Volgograd Region, and Vagit Alekperov, President of LUKOIL, participated in the ceremony to mark the commissioning of an isomerization unit at LUKOIL-Volgogradneftepererabotka. The installation will produce a high-octane component of automobile gasolines called izomerizate. Its application will enable the Volgograd Refinery to start producing gasoline fully complying with the Euro-3 standard

in 2008.

December 14, 2007:

LUKOIL has become winner of the annual contest “Russia’s Corporate Donor - 2007” in the nomination “The Best Program to Ensure Most Efficient Trilateral Cooperation Between Businessmen, Non-Profit Organizations and Local Authorities”. In this nomination LUKOIL presented its program connected with arranging competitions of social projects in the regions of the Company’s presence.

December 21, 2007:

LUKOIL-Severo-Zapadnefteprodukt and Toyota Motor Manufacturing Russia signed a motor fuel supply agreement. Under the agreement the Company shall deliver Euro-3 compliant Premium-95 gasoline to the Toyota automobile plant located in the Leningrad Region for the first filling at Toyota Camry assembly line.

December 24, 2007:

LUKOIL-Nizhnevolzhsk-nefteprodukt acquired the distribution network of the Rostovneft company. The transaction amount came to 1.4 billion roubles. The newly acquired assets include 55 filling stations and bulk plant facilities.

December 28, 2007:

In Moscow, LUKOIL President Vagit Alekperov and Gazprom Neft President Alexander Dyukov signed an agreement on establishment of joint venture, Oil and Gas Company “Regional Development”. LUKOIL owns a 49 percent stake in the authorized capital of the joint venture, Gazprom Neft has a 51 percent stake. The joint venture will be managed on a parity basis.

January 12, 2008:

In Moscow, LUKOIL Board of Directors held a meeting to summarize preliminary results of LUKOIL Group activities in 2007. According to provisional estimates, oil production of the Company came to 96.6 million tons, including 91.1 million tons in Russia and 5.5 million tons abroad. Gas production came to 16.4 billion m³. Crude processing at the company’s refineries in Russia grew by 7.7% in 2007 and reached 42.5 million tons.

January 16, 2008:

In Moscow, LUKOIL President Vagit Alekperov and General Director of Severstal-Auto Vadim Shvetsov signed a strategic cooperation agreement for five years. The agreement fits well with the cooperation development program between the Company and Russia’s leading car manufacturers.

January 23-24, 2008:

In Davos (Switzerland), President of LUKOIL Vagit Alekperov took part in the World Economic Forum. He conducted a number of meetings with business and political leaders to discuss the prospects of cooperation with the Company.