BOARD OF DIRECTORS OF OAO LUKOIL APPROVES LISTS OF CANDIDATES FOR ELECTIONS OF BOARD OF DIRECTORS AND AUDIT COMMISSION

The Board of Directors of OAO LUKOIL approved lists of candidates for election of the Board of Directors and the Audit Commission at the 2010 Annual General Shareholders Meeting.

The lists of candidates were based on the nominees put forward by shareholders that own at least two percent of the voting shares.

The following candidates were nominated to the Board of Directors by the shareholders:

1.   Vagit Yu. Alekperov, President of OAO LUKOIL;

2.   Igor V. Belikov, Director of the Russian Institute of Directors;

3.   Victor V. Blazheev, Rector of the Moscow State Academy of Law;

4.   Donald Evert Wallette (Jr.), President of Russia/Caspian Region, ConocoPhillips;

5.   Valery I. Grayfer, Chairman of the Board of Directors of OAO RITEK;

6.   German O. Gref, Chairman of the Board and CEO of Sberbank (Saving Bank of the Russian Federation);

7.   Tatiana S. Esaulkova, General Director of OOO SDK Garant;

8.   Igor S. Ivanov, professor of the Moscow State Institute of International Relations, former Minister of Foreign Affairs of the Russian Federation, Secretary of the Security Council of the Russian Federation;

9.   Ravil U. Maganov, First Executive Vice President of OAO LUKOIL;

10. Mark Mobius, Executive President of Templeton Asset Management Ltd.;

11. Sergei A. Mikhailov, General Director of OOO Management-Consulting;

12. Alexander N. Shokhin, President of the Russian Union of Industrialists and Entrepreneurs (employers), President of the State University - Higher School of Economics.

The following candidates were nominated for the election to the Audit Commission:

1. Lyubov G. Ivanova, Chief Accountant of OOO LUKOIL-Komi;

2. Pavel G. Kondratiev, Chief Accountant of OOO LUKOIL-Nizhegorodnefteorgsintez;

3. Vladimir N. Nikitenko, President of OAO Petrocommerce Bank.