Press releases

The new LUKOIL "river-sea" class tanker "Inta" was launched today at Volgograd shipyards. This tanker was built for "LUKOIL-Arctic-Tanker" (LAT), a subsidiary of LUKOIL. By the end of 2003 there will be 4 more similar vessels built for LAT at Volgograd shipyards.

Today President of the Russian Federation Vladimir Putin has visited "Astra" jack-up rig that is used by LUKOIL to perform exploratory drilling in the North Caspian.

OAO LUKOIL top management presented a restructuring program for the period up to 2010 in Moscow today. The main goals of the Program is profitability and shareholder value increase. In a short term, the stated goals will be achieved through cost reduction, raise of production efficiency and corporate governance rationalization.

LUKOIL Management Board decided to create a department of internal audit to improve the management system of the Company. This new department will focus on analysis and evaluation of operating, financial and investment activities of LUKOIL in the context of its efficiency, shareholder and investor rights protection and conformity with norms of Russian and international legislation.

The President of Russian Federation Vladimir Putin and OAO LUKOIL President Vagit Alekperov held the meeting today.

OAO LUKOIL Board of Directors meeting was held today in Moscow. The meeting agenda included topics covering the next AGM issues. The AGM agenda was also approved.

The meeting between the Trade union representatives and OAO "LUKOIL" Board of Directors was held today in Moscow. The participants discussed the conclusions to the Agreement between OAO LUKOIL administration and its trade union for 2001 and future actions for 2002. OAO LUKOIL President Vagit Alekperov took part in the meeting.

The meeting where the results and future prospects of OAO LUKOIL' activities in Privolzhski Federal District were being discussed was held in Nizhni Novgorod today. The meeting was attended by the representative of the President of Russian Federation in Privolzhski federal district Sergei Kirienko and the governor of Nizhni Novgorod region Gennady Khodyrev.

OAO «Lukoil–Nizhegorodnefteorgsintez» has launched an upgraded catalytic reforming unit today in Kstovo (Nizhni Novgorod region). The launching ceremony was attended by the Nizhni Novgorod region governor Gennady Khodyrev, and OAO LUKOIL's President Vagit Alekperov.