Vagit Alekperov, OAO LUKOIL President, and Valery Shantsev, Governor of the Nizhny Novgorod Region, signed a Social and Economic Cooperation Agreement today between the Company and the Government of the Region in Moscow.

According to the Agreement, the parties will work together in the areas of hydrocarbon material processing, transportation and marketing of refined and petrochemical products, manufacturing of oil field equipment, machine engineering and shipbuilding equipment for the Company’s needs, scientific and technological support of new engineering developments and technologies, as well as training of personnel and settlement of employment related issues.

The Agreement provides for further use of LUKOIL industrial facilities as the basic petroleum product supply structure of the Nizhny Novgorod Region for state and municipal needs, including for emergency situations. The regional government regards LUKOIL as a strategic supplier of high quality and eco-friendly fuel for the public transportation needs of the Nizhny Novgorod Region.

Specifically, according to the Agreement, the Government of the Nizhny Novgorod Region will consider allocating land plots for construction of four double-sided filling stations along the “Volga” highway and another four filling stations, including automatic ones, in Nizhny Novgorod.

The Agreement will be valid till December 31, 2015. The previous Cooperation Agreement between the Nizhny Novgorod Region and ÎÀÎ LUKOIL was effective from November of 2005 to December of 2009.

Later on the same day, Valery Shantsev signed a cooperation agreement with Oleg Durov, the General Director of OOO LUKOIL-Nizhegorodnefteorgsintez (LUKOIL-NORSI).

According to the Agreement, LUKOIL-NORSI will allocate charity funds in the amount of at least 2.25% of the profit tax base for 2010. Specifically, 1.2% of the profit tax base will be set aside for promotion of mass sport in the Kstovo district.

LUKOIL-NORSI will also support youth and elite sports, and arrange large-scale cultural events in the Nizhny Novgorod Region.