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Shareholders` Meeting

The
General
Shareholders
Meeting
is
the
supreme
management
body
of
PJSC
“LUKOIL”

Dear Shareholders,

This year, LUKOIL is holding its Annual General Shareholders Meeting once again in the form of absentee voting. Hopefully, already next year we will be able to attend the meeting in person.

The epidemiological situation in Russia and other countries is gradually improving. We did our best to accelerate this process by allocating more than 2 billion rubles to help fight the pandemic in Russian regions and countries of our operation and to ensure compliance with all the necessary measures at our facilities. 

The vaccination is gaining traction now, including among our employees, with the COVID-19 restrictions eased up. As a result, we returned to normal routines at our offices earlier this year.

2020 was a tough year both for LUKOIL and the entire oil industry, with the aftermaths of the coronavirus pandemic including an unprecedented decline in demand and prices for our products, OPEC+ production limitations, and a global economic downturn.

Nonetheless, we managed to close this extremely difficult year at a profit, as our business model once again proved its robustness and resilience in any market environment.

We promptly overhauled our operations and adjusted our product mix, effectively cutting down production in line with the OPEC+ agreement, which enabled us minimizing losses.

We continued to develop our high priority projects, including development works at the Valery Grayfer field in the North Caspian, the construction of a residue refining facility at the Nizhny Novgorod refinery, etc.

The beginning of 2021 gives us reason to believe that our financial performance will be much better than in the crisis ridden 2020. The global economy is reviving, the transport flows are rising,  demand for energy resources and consumer goods is recovering. The prospects are emerging for further gradual lifting of OPEC+ production limitations. We expect the oil and gas industry to enjoy a favorable environment in the next few years as the demand for our products will grow and we are prepared to contribute into output increase.

The global climate change agenda is gaining increasing importance for us. In March, we announced our greenhouse gas reduction targets that will underpin LUKOIL's strategy, which we are currently updating.

In particular, we declared an ambition to cut controlled emissions  on a per unit of energy content by 20% by 2030 vs 2017, which is equivalent to a reduction in gross greenhouse gas emissions by 10 million tonnes per year.

LUKOIL will also continue developing renewable energy sources where they are naturally and economically viable and exploring opportunities to participate in prospective carbon offsetting initiatives such as reforestation. 

It needs to be emphasized that all these plans are set to complement rather than alter LUKOIL's core business model. We believe in the future of the oil market and harmonized development of various energy sources.

I would like to take this opportunity to thank our shareholders for their trust and to reiterate LUKOIL's commitment to its strategy of responsible hydrocarbon production aimed at creating the shareholder value. We believe that LUKOIL shares retain a strong upside potential, which is confirmed by independent experts.

PJSC "LUKOIL" ensures shareholders rights among which are the right to participate in the Company’s decision-making regarding the most important issues considered at the Shareholders Meeting, right to receive dividend payments, and right to obtain information about Company's activities.

 

The General Shareholders Meeting is the supreme management body of PJSC “LUKOIL”, and acts within its authorities, as defined by the legislation of the Russian Federation, the Charter of PJSC “LUKOIL” and by the Regulations on the procedure for preparing and holding the General shareholders meeting of PJSC "LUKOIL".

According to Clause 3.1. of the Regulations on the Procedure for Preparing and Holding the General Shareholders Meeting of PJSC "LUKOIL" a Shareholders Meeting (when held in the form of a joint attendance of shareholders) shall be arranged at the geographic location of the Company or at another location designated by the Board of Directors.

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