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  • LUKOIL organized a visit to Karachaganak, a major oil and gas condensate field in Kazakhstan, on 27-29 August 2003 as part of the Company's program of field trips for investors.

  • Nearly sixty people participated in the two-day visit, including representatives of local and international investment companies and banks, senior management of LUKOIL, LUKOIL Overseas and the project operator, Karachaganak Integrated Company (KIO), as well as business and industry journalists.

  • Karachaganak project participants (BP Group, ENI-Agip, Chevron Texaco, LUKOIL) and KIO offered the visitors joint presentations on current and future stages of the project, as well as describing social and ecological programs.


  • Andrei Kuzyaev emphasized that LUKOIL Overseas has shown annual production increases of 30% for the last three years, while maintaining operating costs at under $1.5 per barrel. Production increases from international projects are expected to be a quarter of total production increases by LUKOIL.
  • After the presentations investors and analysts were given a tour of KIO production facilities, visited gas processing units (Unit 2 and Unit 3) and the Karachaganak Processing Complex, which was opened on 1 August 2003 by Nursultan Nazarbaev, President of Kazkhstan.
  • On the following day the participants met with Krymbek Kusherbaev, Akim (Governor) of Western Kazakhstan Region (WKR), as well as representatives of the Kazakh government and the company KazMunaiGaz, to discuss investment potential and the investment climate in Kazakhstan and WKR.
  • Assessing results of the visit, Vagit Alekperov, President of LUKOIL, said: "We have once again confirmed our transparency for our numerous shareholders, stock-market participants and mass media. We have also demonstrated the Company's ability to participate in large international projects."

  • Presentation "LUKOIL in Kazakhstan: Investments Bear Fruits"