Nursultan Nazarbaev, President of the Republic of Kazakhstan, met with Company officials during his visit to the new office of the Caspian Administration of LUKOIL Overseas (a fully owned subsidiary of OAO LUKOIL) in Astana today.

During the meeting, Vagit Alekperov, President of OAO LUKOIL, and Andrey Kuzyaev, President of LUKOIL Overseas, updated President Nazarbayev on LUKOIL's current projects in the country.

The Kazakhstani leader appreciated LUKOIL’s work in his nation and wished that the Company would extend the scope of its activities there.

Officials attending the meeting included Aslan Musin, Head of the Presidential Administration of the Republic of Kazakhstan, Sauat Mynbaev,  Kazakhstan’s Minister of Energy and Mineral Resources, Kairgeldy Kabyldin, President of AO KazMunaiGaz Oil Company, and Timur Kulibaev, Chairman of the KazEnergy Association and First Deputy Chairman of the Samruk-Kazyna National Welfare Fund.

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LUKOIL has been operating in the Republic of Kazakhstan since 1995. Kazakhstan is considered one of the high-priority regions in terms of LUKOIL's overseas activities. The republic accounts for 52% of the investments, almost half of the proven reserves and the greater part of the revenues of the Company’s overseas upstream segment. LUKOIL is involved in seven onshore production projects and four offshore geological prospecting projects in the Kazakhstani sector of the Caspian Sea and also in the Caspian Pipeline Consortium. LUKOIL is Russia's largest investor in Kazakhstan with a cumulative investment of more than six billion U.S. dollars. In 2008, the Company extracted nearly five million tons of oil and more than two billion cubic meters of gas, which accounts for about 10% of Kazakhstan’s total hydrocarbon production volume.