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LUKOIL offered to acquire 11% in the JV with Italian ERG

February 01/2011

(LUKOIL) -- LUKOIL received a notice today that the Board of Directors of the Italian ERG resolved to sell to LUKOIL 11% in the joint venture to operate the ISAB refining complex located in Priolo (Sicily).

This is a partial exercise of ERGs option to sell its stake according to the agreement of 2008 to create a joint venture.

Thus, LUKOILs stake can be increased from 49% to 60% and the Companys total refining capacities will be increased by more than 11% to 79.5 million tons per year.

The transaction closing is expected at the end of the first quarter of 2011. The transaction amount will reach EUR 205 million, excluding inventory.


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