[Goldfisch]

LUKOIL
Lukoil determined bond repurchase price

November 12, 2004 The Board of Directors of OAO LUKOIL by absentee voting has determined a repurchase price of non-convertible interest-bearing documentary bonds to bearer wich the Company plans to offer before the end of 2004.

The repurchase price is fixed at 100% of the nominal value. The number of bonds in the issue is 6,000,000 bonds, total size of the issue is 6 billion rubles. Bonds mature in 5 years. Repurchase of bonds will be possible 3 years after the placement.

The bonds will be placed through an open subscription and will have a coupon paid semi-annually. The coupon interest will be determined through a tender during the placement.

Proceeds from the bond placement will be used for the purpose of implementing the Company�s general administrative activities, including debt repayment and investment in production projects in Russia and abroad.