LUKOIL to Acquire Getty in First Acquisition of Publicly Held US


                         Company by a 
                             Russian Corporation 


  NEW YORK, Nov. 2 /PRNewswire/ -- OAO Oil Company LUKOIL 
(OTC: LUKOY), Russia's largest oil company, and Getty Petroleum Marketing Inc. 
(NYSE: GPM), one of America's largest independent marketers of gasoline and 
petroleum products, today announced the signing of a definitive merger 
agreement for LUKOIL to acquire Getty at a price of $5.00 per share of Getty 
common stock.  This represents a 54% premium over Getty's closing price of 
$3.25 on Wednesday, November 1.  Getty serves retail customers through 
approximately 1,300 gasoline stations located in 13 Northeastern and 
Mid-Atlantic states.  Getty is also a marketer of heating oil in the New York 
Mid-Hudson Valley and is a wholesale distributor of a variety of petroleum 
products through its East Coast petroleum storage and distribution network. 
The all-cash transaction is structured as a first step tender offer followed 
by a cash merger to acquire all remaining shares of Getty common stock and is 
valued at approximately $71 million.  As part of the transaction, Getty will 
have an adjusted initial 15-year lease agreement with Getty Realty Corp. 
(NYSE: GTY) with renewal options through 2049 for a substantial number of the 
gasoline stations.  
The tender offer is subject to a number of conditions, including the valid 
tender of at least a majority of the outstanding shares of Getty common stock. 
Several principal shareholders of Getty, who collectively own approximately 
40% of Getty's common stock, have agreed to tender their shares, subject to 
certain conditions.  
Getty's headquarters will remain in Jericho, Long Island, New York. 
LUKOIL stated that no employee layoffs are expected and that it will retain 
most, if not all, of the current management.  
"LUKOIL is extremely enthusiastic about acquiring one of the premier and 
best known retail brands of petroleum products in the United States," said 
Ralif Safin, First Vice President of LUKOIL.  "This is the first acquisition 
of a publicly held American company by a Russian corporation, and it is the 
first step in our expected expansion into the U.S. market.  It is an excellent 
opportunity for LUKOIL because it gives us entree into the vast American 
market in partnership with a highly regarded brand.  In the future, we may 
seek to supply the Getty stations with our own petroleum products."  
"The combination of Getty's strong presence in the American market with 
LUKOIL's capabilities as a world class integrated oil company is going to 
create a formidable new company," said Leo Liebowitz, chairman and chief 
executive officer of Getty Petroleum Marketing.  "We anticipate a smooth 
transition and expect that LUKOIL will immediately benefit from the 
outstanding infrastructure, knowledge and experience that Getty Petroleum 
Marketing brings to this outstanding, world-class organization."  
LUKOIL received its financial advice from Credit Suisse First Boston Corp. 
and its legal advice from Akin, Gump, Strauss, Hauer & Feld, L.L.P.  Getty was 
advised by ING Barings LLC and Latham & Watkins.  
  Getty Petroleum Marketing Inc., one of the nation's largest independent 
marketers of gasoline and petroleum products, supplies approximately 1,300 
branded locations in thirteen Northeastern and Middle-Atlantic states.  The 
Company is also a marketer of heating oil in the New York Mid-Hudson Valley 
and is a wholesale distributor of a variety of petroleum products through its 
East Coast petroleum storage and distribution network.  
  LUKOIL is Russia's largest vertically integrated oil company, specializing 
in oil and gas exploration and production, refining, sales of crude oil 
products and transportation.  LUKOIL's coverage includes 40 regions in Russia 
and 25 other countries of the world.  LUKOIL has more than 120,000 employees.  
As of January 1, 2000, the proven reserves of oil and gas condensate 
available to LUKOIL amounted to 13.5 billion barrels.  Over 60% of these 
reserves are concentrated in Western Siberia, Russia, another 30% in the 
European part of Russia and the remainder outside of Russia.  LUKOIL's 
subsidiaries and dependent companies produced a total of 75.6 million tons of 
crude, which was approximately 24% of Russia's total oil production in 1999. 
LUKOIL accounted for 12% of Russia's total oil refining operation in 1999 and 
exported a total of 30.5 million tons of crude in 1999.  The LUKOIL retail 
trade network includes over 1,000 gas stations.  As of October 25, 2000, 
LUKOIL's market capitalization was more than $10.5 billion.  
  Getty shareholders are advised to read the tender offer statement 
regarding the acquisition of Getty, described in this press release, which 
will be filed by LUKOIL with the Securities and Exchange Commission and the 
related solicitation/recommendation statement which will be filed by Getty 
with the Commission.  The tender offer statement (including an offer to 
purchase, letter of transmittal and related tender offer documents) and the 
solicitation/recommendation statement will contain important information which 
should be read carefully before any decision is made with respect to the 
offer.  These documents will be made available at no charge to all 
stockholders of Getty Petroleum Marketing Inc. by contacting the information 
agent, D.F. King & Co. Inc.  Shareholders may contact the information agent at 
(800) 290-6429.  These documents also will be available at no charge on the 
SEC's web site at http://www.sec.gov.  
  Certain statements in this news release may constitute "forward-looking 
statements" within the meaning of the Private Securities Litigation Reform Act 
of 1995.  Such forward-looking statements involve known and unknown risks, 
uncertainties and other factors which may cause the actual results, 
performance and achievement of LUKOIL or Getty to be materially different from 
any future results, performance, or achievement expressed or implied by such 
forward-looking statements. 
  

SOURCE  LUKOIL Americas  
-0-                             11/02/2000  
/CONTACT:  Vincent DeLaurentis of Getty Petroleum Marketing, Inc., 516- 
338-1201; or Vadim Gluzman of LUKOIL Americas, 212-421-4141/  
(LUKOY GPM)  
CO:  LUKOIL Americas; Getty Petroleum Marketing, Inc. 
ST:  New York, Russia 
IN:  OIL 
SU:  TNM  
-0- Nov/03/2000  1:09 GMT