June 25 in Moscow the annual general meeting of shareholders of OAO LUKOIL, which was approved by the annual report of the company for the year 2008, as well as financial statements for the financial year.
In the meeting was approved by the remuneration and expenses of members of the board of directors and audit committee. Independent auditor Lukoil approved ZAO KPMG.
Assembly of Shareholders elected the Board of Directors and Audit Committee and approved the transaction, of which there is interest.
Shareholders elected the Board of Directors consisting of 11 persons:
• Vagit Alekperov - President of OAO LUKOIL;
• Blazheev Viktor Vladimirovich - Rector of the Moscow State Law Academy;
• Valletta Donald Everto ml. - President of the region Russia /Caspian company ConocoPhillips;
• Grayfer Valery I. - General Director of OAO RITEK;
• German Gref Oskarovich - President, Chairman of the Board of Sberbank of Russia ;
• Igor Ivanov - Professor of Moscow State Institute of International Relations;
• Ravil Maganov - First Executive Vice-President of OAO LUKOIL;
• Richard Matzke Herman - previously held the post of vice-chairman of the board of directors of Chevron Corporation;
• Sergei Mikhailov - General Director of OOO Management-Consulting;
• Nikolai Tsvetkov - Chairman of the Board of Directors Financial Corporation URALSIB ;
• Shokhin Alexander N. - President of the Russian Union of Industrialists and Entrepreneurs (employers), the president of State University - Higher School of Economics.
Net profit company in 2008 amounted to $ 9 144 million Return on invested capital was 17.4%. Despite the high level of capital expenditures to maintain production at the old and new fields, the program of modernization of refineries, expanding the network of filling stations and an increase in the company, free cash flow the company has made a record $ 3 to $ 775
In 2008 LUKOIL began production on the South Hylchuyuskom field - one of the largest deposits of the Timan-Pechora, continued to actively expand refining capacity and a network of filling stations.
Despite the difficulty of filling the natural decline of production in traditional regions, LUKoil was able to demonstrate positive dynamics of hydrocarbon production through the implementation of earlier investments in the development. At the end of 2008, mining group rose by almost 1% to 2.19 million barrels. Mr. E. /day. Especially worth noting the growth of commercial production of gas on international projects in the half, largely due to the project Kandym-Hauzak-Shady. In general, on international projects of hydrocarbon production increased by almost a quarter.
The business segment Refining and marketing the company has given priority to upgrading facilities, increasing recycling, improving the quality of products and production, logistics optimization, as well as the development of distribution network. The key event of 2008 was the establishment of joint venture withERG SpA enterprise management ISAB refinery complex in Italy. The proportion of the company is 49%, while in the long run it could be increased. Participation in the joint venture will enable the group to obtain synergies from the supply of oil for processing and realization of finished products to European markets.
The company continues to actively pursue the modernization of Russian and foreign refineries to increase processing efficiency and improve the quality of the finished product. In 2008, after a three-year renovation was put into operation the Odessa refinery. Due to the continued modernization of the plants the group the proportion of high-octane gasoline in the total release of this type of product has exceeded 90%, the share of cleaner diesel fuel close to 70%.
The combined volume of oil to the refinery complex ISAB group and rose by almost 8% to a record 56.3 million tons.
In 2008, LUKoil has expanded its distribution network, which allows companies to bring products to the end-user worldwide. LUKoil acquired Akpet, which operates nearly 700 filling stations in the Turkish market. In addition, the Group acquired a number of Russian network of filling stations. Retail network expanded during the year by almost 11%.
In 2008, the structure of a new business sector - Electricity. Its foundation was the acquisition of JSC SGC TGC-8, power plants which are located in Astrakhan, Volgograd and Rostov regions, Krasnodar and Stavropol territories and the Republic of Dagestan. Their total capacity is 3.6 GW. LUKoil expects to receive from the acquisition of the assets of TGK-8 effective price, as well as a significant synergistic effect due to an uninterrupted supply of natural gas from deposits of the company, located in the Northern Caspian and in Astrakhan region.
In the reporting year, the company has successfully completed a program of ecological safety for 2004-2008, which contained more than 300 environmental protection activities, valued at about $ 1.2 billion addition, the environmental program is designed for the period from 2009 to 2013.
With the burden of low credit and a successful policy for managing capital financial position remains stable. In addition, the Company continues to fully fund the development of new projects, which will help to increase production in the medium term. For example, in 2009, the company plans to begin production on behalf of Yuri Korchagin field in the North Caspian.
Shareholders Lukoil elected Board of Directors consisting of 11 persons
June 25 in Moscow the annual general meeting of shareholders of OAO LUKOIL, which was approved by the annual report of the company for the year 2008, as well as financial statements for the financial year.
In the meeting was approved by the remuneration and expenses of members of the board of directors and audit committee. Independent auditor Lukoil approved ZAO KPMG.
Assembly of Shareholders elected the Board of Directors and Audit Committee and approved the transaction, of which there is interest.
Shareholders elected the Board of Directors consisting of 11 persons:
• Vagit Alekperov - President of OAO LUKOIL;
• Blazheev Viktor Vladimirovich - Rector of the Moscow State Law Academy;
• Valletta Donald Everto ml. - President of the region Russia /Caspian company ConocoPhillips;
• Grayfer Valery I. - General Director of OAO RITEK;
• German Gref Oskarovich - President, Chairman of the Board of Sberbank of Russia ;
• Igor Ivanov - Professor of Moscow State Institute of International Relations;
• Ravil Maganov - First Executive Vice-President of OAO LUKOIL;
• Richard Matzke Herman - previously held the post of vice-chairman of the board of directors of Chevron Corporation;
• Sergei Mikhailov - General Director of OOO Management-Consulting;
• Nikolai Tsvetkov - Chairman of the Board of Directors Financial Corporation URALSIB ;
• Shokhin Alexander N. - President of the Russian Union of Industrialists and Entrepreneurs (employers), the president of State University - Higher School of Economics.
Net profit company in 2008 amounted to $ 9 144 million Return on invested capital was 17.4%. Despite the high level of capital expenditures to maintain production at the old and new fields, the program of modernization of refineries, expanding the network of filling stations and an increase in the company, free cash flow the company has made a record $ 3 to $ 775
In 2008 LUKOIL began production on the South Hylchuyuskom field - one of the largest deposits of the Timan-Pechora, continued to actively expand refining capacity and a network of filling stations.
Despite the difficulty of filling the natural decline of production in traditional regions, LUKoil was able to demonstrate positive dynamics of hydrocarbon production through the implementation of earlier investments in the development. At the end of 2008, mining group rose by almost 1% to 2.19 million barrels. Mr. E. /day. Especially worth noting the growth of commercial production of gas on international projects in the half, largely due to the project Kandym-Hauzak-Shady. In general, on international projects of hydrocarbon production increased by almost a quarter.
The business segment Refining and marketing the company has given priority to upgrading facilities, increasing recycling, improving the quality of products and production, logistics optimization, as well as the development of distribution network. The key event of 2008 was the establishment of joint venture withERG SpA enterprise management ISAB refinery complex in Italy. The proportion of the company is 49%, while in the long run it could be increased. Participation in the joint venture will enable the group to obtain synergies from the supply of oil for processing and realization of finished products to European markets.
The company continues to actively pursue the modernization of Russian and foreign refineries to increase processing efficiency and improve the quality of the finished product. In 2008, after a three-year renovation was put into operation the Odessa refinery. Due to the continued modernization of the plants the group the proportion of high-octane gasoline in the total release of this type of product has exceeded 90%, the share of cleaner diesel fuel close to 70%.
The combined volume of oil to the refinery complex ISAB group and rose by almost 8% to a record 56.3 million tons.
In 2008, LUKoil has expanded its distribution network, which allows companies to bring products to the end-user worldwide. LUKoil acquired Akpet, which operates nearly 700 filling stations in the Turkish market. In addition, the Group acquired a number of Russian network of filling stations. Retail network expanded during the year by almost 11%.
In 2008, the structure of a new business sector - Electricity. Its foundation was the acquisition of JSC SGC TGC-8, power plants which are located in Astrakhan, Volgograd and Rostov regions, Krasnodar and Stavropol territories and the Republic of Dagestan. Their total capacity is 3.6 GW. LUKoil expects to receive from the acquisition of the assets of TGK-8 effective price, as well as a significant synergistic effect due to an uninterrupted supply of natural gas from deposits of the company, located in the Northern Caspian and in Astrakhan region.
In the reporting year, the company has successfully completed a program of ecological safety for 2004-2008, which contained more than 300 environmental protection activities, valued at about $ 1.2 billion addition, the environmental program is designed for the period from 2009 to 2013.
With the burden of low credit and a successful policy for managing capital financial position remains stable. In addition, the Company continues to fully fund the development of new projects, which will help to increase production in the medium term. For example, in 2009, the company plans to begin production on behalf of Yuri Korchagin field in the North Caspian.
Our goal in 2009 - ensuring the smooth development of the company, while maintaining stability and achieving positive cash flow in any scenario, the dynamics of oil prices. We believe that LUKoil confidently overcome the crisis time in the world economy, ensure sustainable development and will continue to strive for new successes in the future, increasing its shareholder value, - noted in an address to the shareholders of the Chairman of the Board of Directors of OAO LUKOIL Valeria Grayfera and company president Vagit Alekperov.
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