Lukoil and Mittal Ink Deal for Kazakhstan Upstream Assets

LUKOIL Overseas and Mittal Investments have signed an agreement to sell 50% interest in Caspian Investments Resources Ltd.

Caspian Investments Resources Ltd. was a 100%-owned subsidiary of LUKOIL Overseas. After the completion of the deal, which is expected in early 2007, Caspian Investments Resources Ltd. will become a joint venture of LUKOIL Overseas and Mittal Investments.

Caspian Investments Resources Ltd. owns interests in oil producing assets in the fields Alibekmola, Kozhasay, North Buzachi, Karakuduk and Arman (Aktubinsk and Mangistau regions of Kazakhstan). Caspian Investments Resources Ltd. has also recently signed an agreement, subject to certain conditions precedent, with KazMunaiGas, the Kazakhstan National Oil & Gas Company, pursuant to which Caspian Investments Resources Ltd. will become an indirect owner of 25% in Zhambay LLP, which is currently exploring the South Zhambay and South Zaburunye blocks in the Kazakhstan sector of the Caspian Sea.

The total cost of the deal between LUKOIL Overseas and Mittal Investments is US$980 million. Besides that Mittal Investments will assume the responsibility for the 50% of Caspian's outstanding debt (50% of which is currently approximately US$ 160 million).

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