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Oil Company "LUKOIL"

April 29, 1997

LUKOIL applies for a listing on the London Stosk Exchange

LUKOIL today has applied for a listing on the London Stock Exchange and appointed Paribas as its Listing Agent. LUKOIL is the world’s largest oil company, in terms of proven oil reserves and is the second largest company in Russia by market capitalisation (approx $10 billion). This is LUKOIL’s first international listing.

The application was for the listing of LUKOIL’s Global Depository Receipts (GDRs) and Convertible Bonds. The Bonds which are convertible into GDRs of LUKOIL, were issued by its Dutch subsidiary LUKINTER FINANCE B.V. and carry a 3.5% coupon during the 5 year life. Placement of these bonds was completed on April 18th by a syndicate of banks led by Joint Global Co-ordinators Nat West Securities, Paribas and SBC Warburg following investor presentations in Switzerland, UK and the USA. Joining them as co-managers were Baring Brothers Limited, Creditanstalt Investment Bank, Credit Suisse First Boston and Morgan Stanley LUKOIL was advised by Russian financial advisor NIKOIL.

The total amount of Convertible Bonds issued amounted to US $ 230 million and are convertible into approximately 2% of the statutory capital of LUKOIL (each $1,000 bond being exchangeable for 15 GDRs).The issue was increased from $200 million following total investor demand of $740 million.

Leonid Fedoun, the Vice President of LUKOIL announcing the results of the placement of this third series of convertible bonds issued by the Group stated that the success of the issue proved the continuing attractiveness of the Company’s securities to foreign investors Particular interest was received from European investors in this case. 39% of the block was placed in Switzerland, 32% to US investors, 15% in the UK and 14% in other countries chiefly in Europe.

US$460 million were raised through the placements of LUKOIL convertible bonds in 1995 and 1996.



Press Centre  OAO "LUKOIL"
phone.: (095)927-1677,  fax: (095)927-1653,




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