Lukoil Completes Transaction to Acquire Stake in Lukagip NV

LUKOIL completed a transaction to acquire ENI Group's 50 percent interest in LUKAgip N.V. initiated in June of 2004.

LUKAgip N.V. owns a 24 percent interest in the Concession Agreement on the license to develop hydrocarbons at the Meleiha field in Egypt, a 10 percent share in the Exploration, Development and Production Sharing Agreement on the Shah Deniz field in Azerbaijan, an 8 percent share in the Azerbaijan Gas Supply Company Ltd., as well as LUKAgip Midstream B.V., which is the owner of a 10 percent interest in the South Caucasian Pipeline Company.

The transaction completely complies with the strategy of LUKOIL in the sphere of development of producing projects in the key activity regions North Africa (Egypt) and the Caspian Sea.

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