Issuer profile: LUKOIL is the leading vertically integrated oil Company in Russia. The Company's main activities are oil & gas exploration and production, and production and sale of petroleum products.

LUKOIL is the second largest private oil Company worldwide by proven reserves. The Company has around 1.3% of global oil reserves and 2% of global oil production. LUKOIL dominates the Russian energy sector, with 20% of total Russian oil production and 18% of total Russian oil refining.

LUKOIL proven reserves1 at the beginning of 2003 (including consolidation of assets in the Komi Republic) were 15,522 mln bbl of crude oil and 24,253 bcf of natural gas, totaling 19,664 mln boe.

LUKOIL has an outstanding portfolio of production assets. Main production flows come from the Company's key operating regions, which are West Siberia (about 54% of company reserves) and Perm Oblast. LUKOIL is also the only Russian oil Company with significant hydrocarbon reserves in two new oil & gas provinces, Timano-Pechora and the Northern Caspian. Rapid launch of production at fields in these provinces in the next few years will assure successful long-term growth for the Company.

Geological prospecting by LUKOIL is mainly concentrated in West Siberia, the Timano-Pechora oil province and the Yamal region.

LUKOIL is carrying out international exploration and production projects in Azerbaijan, Kazakhstan, Egypt, North Africa and Columbia.

LUKOIL owns significant oil refining capacity both in Russia and abroad. In Russia the company owns four large refineries at Perm, Volgograd, Ukhta and Nizhny Novgorod. Aggregate capacity of these facilities is 40.7 mln tons of oil per year. LUKOIL also has refineries in Ukraine, Bulgaria, and Romania, with aggregate capacity of 17.8 mln tons per year. In 2002 LUKOIL refined 41.6 mln tons of oil at its own refineries, including 33.9 mln tons at its Russian refineries.

LUKOIL's sales network covers 58 regions in Russia, the CIS, the Baltic countries, Europe and the USA. It consists of 263 tank farms and 4076 filling stations, including 215 tank farms and 1691 filling stations in Russia (including franchises). Sales of petroleum products through the retail network in 2002 were 5.8 mln tons, of which 2.4 mln tons in Russia, 0.9 mln tons in Europe, and 2.4 mln tons in the USA.

Outstanding issues:
  3 issue(s) outstanding worth RUR 20 000 000 000
  2 issue(s) outstanding worth USD 1 000 000 000