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Akin Gump Advises LUKOIL on $3.4 Billion Repurchase of Shares from ConocoPhillips

July 28, 2010

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(Moscow, Russia) – LUKOIL Finance Ltd., a wholly owned subsidiary of OAO LUKOIL, signed a stock purchase agreement on July 28 with ConocoPhillips affiliate Springtime Holdings Ltd. to purchase 7.6% of OAO LUKOIL ordinary shares for US$3.442 billion.  The deal is expected to close on August 16. 

The stock purchase agreement also provides an option for LUKOIL Finance Limited to acquire up to 11.61% of OAO LUKOIL ordinary shares in the form of depositary receipts prior to September 26, 2010.

Akin Gump Strauss Hauer & Feld LLP is advising OAO LUKOIL on the transaction.  The team, led by partner Natalia R. Baratiants, includes partners Alexander V. Danilov, Rick L. Burdick and Richard J. Wilkie. 

Wachtell Lipton is representing ConocoPhillips.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 800 lawyers in the United States, Europe, Asia and the Middle East. 

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