LUKoil acquires oil assets in Komi - 27 March, 2003

Russia's largest oil company LUKoil and shareholders of the Urals group agreed on the sale of Urals oil assets in the Komi Republic of Russia to LUKoil, the LUKoil press service reported. In particular, Urals will transfer 50.8 percent in Tebukneft, 59.8 percent in Ukhtaneft and 58.3 percent in RKM Oil to LUKoil. As a result, LUKoil will control a total of more than 85 percent, 85 percent and about 90 percent in the abovementioned companies respectively.

According to estimates of oil and natural gas reserves of these companies, provided by Miller and Lents, proven and probable reserves are 48.1m tons of oil and 4.1bn cubic meters of gas.