March 27, 1998 - LUKOIL staff workers held their second conference in Moscow Thursday to discuss the implementation of the 1997 agreement between the company administration and Labor Union (the International Association of Labor Union Organizations - IALUO) as well as the fulfilment of mutual commitments in 1998-1999. LUKOIL President Vagit Alekperov and Chairman of the IALUO Council Anatoly Yashchenko addressed the conference.

The conference approved the efforts of the administration and Labor Union Council and stressed that the administration, Labor Union and staff on the whole met their mutual commitments in 1997.

A common system of non-government pension support was recently introduced with LUKOIL divisions and subsidiaries signing agreements with the LUKOIL-Garant pension fund.

The IALUO Council together with LUKOIL Insurance Company and Medved-LK Medical Insurance Company are dealing with medical insurance.

The IALUO keeps a constant eye on the social and cultural needs of LUKOIL employees. Last year LUKOIL's four summer camps for 1,100 children and 10 sanatoria for 800 visitors hosted a total of 25,000 staff members and their families.

The IALUO maintains close working ties with the International Federation of Labor Unions of Chemical, Energy and Mining Workers.

"The LUKOIL administration directs all its efforts at providing the steady development of production and improvement of working conditions," Alekperov said to the conference.

"These efforts and the successful solution together with the Labor Union of the social problems of employees as well as the timely payment of wages create a stable psychological environment in the company," he said.

The IALUO formed in March 1994 currently consists of 33 unions and has over 115,000 members.

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