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<TD align=middle class=zag colSpan=2><B>PRESS-RELEASE</B></TD></TR>
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<TD align=middle class=zag colSpan=2 vAlign=top>19.03.2004 </TD></TR>
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<TD align=middle class=norm><FONT color=#000000><B>LUKOIL STARTS FUEL SUPPLIES TO IRAQ</B></FONT> </TD></TR></TBODY></TABLE><BR><BR>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US">The company LITASCO, a 100% subsidiary of LUKOIL, has signed a contract with Refinery Associates of Texas, Inc (USA) on supply of gasoline and diesel fuel to the northern provinces of Iraq.</SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"></SPAN> </P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><?XML:NAMESPACE PREFIX = O /><O:P></O:P></SPAN></SPAN><SPAN style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt"><O:P></O:P></SPAN></P>
<P class=MsoBodyText style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify" xstyle="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt; mso-ansi-language: EN-US">According to the contract, LITASCO assumes responsibility for all operations connected with logistics, including all material and financial aspects of the deliveries.</SPAN></P>
<P class=MsoBodyText style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify" xstyle="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt; mso-ansi-language: EN-US"></SPAN> </P>
<P class=MsoBodyText style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify" xstyle="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt; mso-ansi-language: EN-US"></SPAN><SPAN style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><O:P></O:P></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" xstyle="MARGIN: 0cm 0cm 0pt; tab-stops: 93.4pt"><SPAN xstyle="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US">The contract is for three months with the possibility of extension to 12 months. Supplies per quarter will be 180,000 tons of gasoline and 130,000 tons of diesel fuel.</SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" xstyle="MARGIN: 0cm 0cm 0pt; tab-stops: 93.4pt"><SPAN xstyle="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"></SPAN></SPAN> </P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" xstyle="MARGIN: 0cm 0cm 0pt; tab-stops: 93.4pt"><SPAN xstyle="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><O:P></O:P></SPAN></SPAN><SPAN style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt"><O:P></O:P></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" xstyle="MARGIN: 0cm 0cm 0pt; tab-stops: 93.4pt"><SPAN xstyle="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US">Deliveries will begin on 1 April, 2004.</SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" xstyle="MARGIN: 0cm 0cm 0pt; tab-stops: 93.4pt"><SPAN xstyle="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"></SPAN></SPAN> </P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" xstyle="MARGIN: 0cm 0cm 0pt; tab-stops: 93.4pt"><SPAN xstyle="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US"><O:P></O:P></SPAN></SPAN><SPAN style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 12.0pt"><O:P></O:P></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN lang=EN-US style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt; mso-ansi-language: EN-US"><SPAN xstyle="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: RU; mso-bidi-language: AR-SA">LITASCO (LUKOIL International Trading and Supply Company) was registered in Geneva in 2000. Its main business is transport and sale of oil and oil products. LITASCO is the exclusive trader of LUKOIL oil and oil products. </SPAN></SPAN><SPAN style="FONT-FAMILY: Tahoma; FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><O:P></O:P></SPAN></P></DIV><BR><BR></TD></TR>
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Press Centre OAO "LUKOIL"<BR>phone.: (095)927-1677, fax: (095)927-1653,<BR>E-mail: pr@lukoil.com</TD></TR></TBODY></TABLE></DIV><p>
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