MAZEIKIU NAFTA

MATERIAL EVENT



ON 8 JULY 2003, AGREEMENTS REGARDING THE TRANSFER OF STATE-GUARANTEED LOANS TO

OTHER LOAN GRANTERS AS WELL AS THE AMENDMENT TO THE LOAN AGREEMENT BETWEEN THE

COMPANY AND THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA WERE SIGNED



(Unofficial translation done at the NSEL)



On 8 July 2003, agreements regarding the transfer of loans of Yukos

International UK B.V and Yukos Oil Corporation, the total value of which is

USD 150 million, to new loan granters, namely, Vilnius Bank and Vilnius Branch

of Vereins- und  Westbank AG, were signed.

Agreements regarding the transfer of the USD 31.5 million loan of Bank of Tokyo

Mitsubishi Ltd. to the new loan grantor Hansabankas were signed.

The amendment to the Loan Agreement as of 29 October 1999 between the Company

and the Government of the Republic of Lithuania where the annual interest rate

is reduced from 10% to 8% in 2003 and to 7% in the following year of the

Agreement’s validity was signed.





Giedrius Karsokas

Head of the Communication Unit

(370 443) 92608