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Oil Company "LUKOIL"

June 8, 1998

LUKOIL opens office in U.S.

June 8,1998. - Russia's biggest vertically integrated oil company LUKOIL opened an office in the United States at an official ceremony in New York today.

The event was preceded by a number of successful cooperation projects with U.S. companies over the past few years. One of the biggest is the strategic partnership with Atlantic Richfield Company (ARCO). Back in September 1995 ARCO purchased LUKOIL convertible bonds worth $250 million and some time later another package of LUKOIL securities. Today it has a 7.99% stake in LUKOIL charter capital.

In February 1997 in the framework of the session of the Russian-U.S. Commission for Economic and Technological Cooperation known as the Gore-Chernomyrdin commission LUKOIL and ARCO signed an agreement on the formation of LUKARCO joint venture with 54% and 46% in it respectively.

"The formation of LUKARCO is unprecedented in the history of cooperation between Russian and foreign oil companies," LUKOIL President Vagit Alekperov said. "It indicates the growing confidence of Western investors in the stability of the Russian political and economic strategies," he said.

The joint venture will invest a total of $5 billion in oil projects in Russia and other countries. LUKARCO is a member of the consortium for the development of Tengiz oilfield in Kazakhstan and a member of the Caspian Pipeline Consortium for the construction of an oil pipeline from Tengiz oilfield to the port of Novorossiisk on the Russian coast of the Black Sea.

LUKOIL is the first Russian company to place its securities on the U.S. market. In December 1995, the U.S. Securities and Exchange Commission approved the registration of a Level-1 ADR program for LUKOIL ordinary shares. Each ADR was issued against four LUKOIL shares. In February 1997, the Commission approved an application for a registration of a Level-1 ADR program for LUKOIL preferred stock. Each ADR was issued against two preferred shares. In both cases the Bank of New York served as depositary for underlying shares.

In 1997 LUKOIL purchased 50% of shares in the U.S. Nexus Fuels company which builds and runs gas stations in the parking lots of big supermarket chains. Today LUKOIL has six filling stations in several states. By the year 2000 it plans to unfold a broad network of filling stations covering the entire United States.

In March 1998 in the framework of the session of the Russian-U.S. Commission for Economic and Technological Cooperation LUKOIL and US CONOCO have signed a Memorandum of Understanding to proceed with efforts to develop petroleum reserves in the Northern Territories area of Russia’s Timan-Pechora Region. In the memorandum of Understanding, the companies agreed that LUKOIL will hold a 60 percent participating interest in the Northern Territories project, with CONOCO holding the remaining 40 percent.

 


Press Centre  OAO "LUKOIL"
phone.: (095)927-1677,  fax: (095)927-1653,
E-mail: pr@lukoil.com

 

 

 

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