Announcement re: TR-1

Recent Notification of Major Shareholdings

PJSC "LUKOIL" (the "Company") wishes to clarify, following the earlier publication through RNS of the Form TR-1 received by the Company from Lancaster Trustees Limited ("Lancaster Trustees") as trustees of the Verona Trust pursuant to Chapter 5 of the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority (the "Notification"), that:

· The Notification corrects a previous notification on Form TR-1 received by the Company in respect of Mr Vagit Alekperov and published on 12 May 2008 (the "Previous TR-1") by which the Company was notified that Mr. Vagit Alekperov had, at that time, a notifiable interest in the voting rights of the Company in excess of 20% and held these voting rights directly. A substantial portion of the voting rights referred to in the Previous TR-1 are (and were at the time of the Previous TR-1) held in discretionary trusts and mutual funds of which Mr. Alekperov and his family are (and were) beneficiaries.

· Mr. Alekperov has informed the Company that, following completion of the cancellation of common shares announced earlier today, he directly or indirectly owns, or is a beneficiary of (including through family trusts and mutual funds), an aggregate of 26.06% of the common shares of the Company.