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Eastern European Markets

PRESS RELEASE
June the 19th, 2011

Fortum and Lukoil sign agreement on technology collaboration

Fortum and the Russian energy company Lukoil have signed a technology collaboration framework agreement. The agreement covers collaboration in the areas of operation, maintenance and capacity upgrades of power plants and heating networks, among others. The companies also agreed on research and development collaboration aiming to improve energy efficiency. The collaboration agreement was signed today in conjunction with the St. Petersburg International Economic Forum.

The agreement is based on Fortum's long experience in providing operation and maintenance services to Russian energy companies. Fortum, for example, performs efficiency and productivity optimisation audits at Lukoil's power plants.

”Collaboration with Lukoil, one of the world's leading energy companies, provides us with even better opportunities to develop energy-efficient electricity and heat production in Russia,” says Fortum's President and CEO Tapio Kuula. ”Sustainability is at the core of Fortum's strategy, and I am very pleased that we can offer also Lukoil our know-how in this area,” he emphasises.

Lukoil in brief:
Lukoil is among the world's biggest energy companies. Its main businesses are oil and gas exploration and production, and refining and sales of petroleum products. Lukoil owns shares in energy production, transport and sale of electricity and heat in southern Russia, and has generation capacity at oil refineries in Bulgaria, Romania and the Ukraine. Lukoil has operations in 37 different countries on four continents and more than 130,000 employees. In 2002, Lukoil became the first Russian company to be listed on the London Stock Exchange.

Fortum in brief:
Fortum's purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfil the needs for low emissions, resource efficiency and energy security, and deliver excellent value to our shareholders. Our activities cover the generation, distribution and sale of electricity and heat as well as related expert services.Fortum's operations focus on the Nordic countries, Russia and Baltic Rim area. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2010, Fortum's sales totalled EUR 6.3 billion and comparable operating profit was EUR 1.8 billion. We employ approximately 10,500 people. Fortum's shares are quoted on NASDAQ OMX Helsinki. Additional information: www.fortum.com

Further information:
Additional information:
Heikki Andersson, Vice President, Power Solutions
Fortum, tel. +358 50 4534092

www.fortum.com


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