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.

Fortum Corporation
Corporate Communications

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

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