LUKOIL is one of the largest oil & gas vertical integrated companies in the world accounting for over 2% of crude production and circa 1% of proved hydrocarbon reserves globally.
In 1Q99, LUKOIL improved its operating and financial performance. Capital expenditure in the main production, refining and marketing subsidiaries amounted to 1.0 billion. A combination of a positive macroeconomic environment in 1Q99 together with growing world and domestic oil prices creates a basis for improvement of LUKOIL’s financial performance.
Today in Kogalym (West Siberia) where LUKOIL’s largest oil producing unit is headquatered, the annual general meeting of LUKOIL shareholders was held.
In 1998 LUKOIL reaffirmed its position as the leading Russian integrated oil company which produces 21% of the nationwide oil production.
LUKOIL Holding (excluding subsidiaries and affiliates) summarized its 1998 financial results. Pre-tax income amounted to Rbl3.209 bln. Taxes and similar state duties totaled Rbl1.142 bln, or 35.6% of the pre-tax income. Income subject to distribution in 1999 is Rbl2.067 bln.
Today in Moscow LUKOIL President Vagit Alekperov and Governor of the Vologda region Vyacheslav Pozgalev signed a protocol outlining a cooperation program between the Company and the region for 1999-2001. The protocol is a follow-up on the cooperation agreement signed on February 10, 1997.
OAO LUKOIL ensured a coupon payment on the convertible bonds issued by its Dutch affiliated company LUKINTER FINANCE B.V.
Today LUKOIL’s Board of Directors held in Moscow considered an issue on the postponement of the AGM.
A ceremony of setting afloat the upgraded Astra (formerly Marava) jack-up rig took place today in Astrakhan.
Today in Moscow President of LUKOIL Vagit Alekperov and Governor of the Saratov region Dmitri Ayatskov signed a Protocol stipulating for LUKOIL-Neftechem’s intention to acquire the assets of Nitron petrochemical plant. This Protocol is a follow-up on the cooperation agreement signed between the government of the Saratov region and LUKOIL on June 25, 1997.
Today in Moscow Vagit Alekperov, President of LUKOIL, and Andrey Kazmin, Chairman of the Board of Russia’s Sberbank (State Savings Bank), signed a General Cooperation Agreement.
