04.04.2016
Notification re Adoption of IFRS
PJSC "LUKOIL" (the “Company”)
NOTIFICATION REGARDING ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
Pursuant to Article 8 of Federal Law No. 208-FZ of the Russian Federation on "Consolidated Financial Reporting" dated 27 July 2010, the Company is required to change the accounting standards applied for the preparation and publication of its consolidated financial statements for the fiscal year ending 31 December 2015 from accounting principles generally accepted in the United States of America (US GAAP) to International Financial Reporting Standards (IFRS).
The Company therefore notifies its decision to adopt and apply IFRS for the preparation and publication of its consolidated financial statements beginning with its consolidated financial statements for the fiscal year ending 31 December 2015. The Company’s 2015 consolidated financial statements prepared under IFRS will include financial statements for the fiscal years ended 31 December 2015 and 31 December 2014.