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Oil Company "LUKOIL"

December 24, 2004

LUKOIL BoD sets priorities for company business in 2005

The BoD of LUKOIL met today in Moscow and set priorities for the Company’s business in 2005.

LUKOIL’s main financial objective in the medium term is to achieve return on invested capital comparable with its main international competitors, despite of increasing tax burden.

The Company has set a target of increasing hydrocarbon reserves by an amount equal to 130% of crude production, which should be no less than 90.2 million tons. The main challenge in oil refining will be to increase the relative value of crude by optimization of capacity load at the Company’s Russian refineries and by raising the share of high value-added products.

In the field of corporate governance, further steps will be taken to implement principal conditions of the planned Strategic Partnership with ConocoPhillips, which is a priority for LUKOIL. The Company’s restructuring program will also be continued in 2005. This program is intended to optimize Company activities, with significant reduction of the number of legal entities in the Group, particularly of non-core assets.

The BoD included the following individuals in the list of candidates to the new BoD, which is to be selected at the extraordinary general meeting of shareholders on 24 January, 2005:

Vagit Yu. Alekperov

President of OAO “LUKOIL”

Mikhail P. Berezhnoi

General Director of the Non-State Pension Fund LUKOIL-GARANT

Valery I. Grayfer

General Director of OAO “RITEK”

Tatyana S. Yesaoulkova

General Director of OOO Specialized Depositary Company GARANT 

Oleg E. Kutafin

Rector of the Moscow State Academy of Law

Ravil U. Maganov

First Vice President of OAO “LUKOIL”

Richard H. Matzke

former Vice Chairman of Chevron Corporation

Kevin O. Meyers

President of Russia/Caspian Region, ConocoPhillips 

Sergei A. Mikhailov

General Director of OOO Management-Consulting

Nikolai A. Tsvetkov

Chairman of OAO AKB AVTOBANK- NIKoil

Igor V. Sherkunov

Chairman of the Board of Directors of ZAO Investitsionnaya Gruppa Kapital [Capital Investment Group]

Alexander N. Shokhin

President of the State University – Higher School of Economics

 


Press Centre  OAO "LUKOIL"
phone.: (095)927-1677,  fax: (095)927-1653,
E-mail: pr@lukoil.com

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