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.
First Vice President of LUKOIL Ravil Maganov and Vice President of Fortum of Finland Knut Furuheim have signed a joint protocol of intent to develop mutually beneficial cooperation between LUKOIL and Fortum today.
Oil company LUKOIL completed the drilling of the first well on Khvalynskoye field of the Severny license area in the Caspian sea.The construction was performed using Astra jack-up rig.
The Board of Directors of LUKOIL OAO convened in Moscow on January 13 and discussed operating, financial and business performance in 1999 and outlined targets for the Company's performance in 2000.
Today the management board of LUKOIL OAO has made a decision on transfer of a 100% equity of LUKOIL Perm ZAO (LUKOIL owns a 50% interest) and a 100% equity of Vatoil OOO joint venture (LUKOIL owns a 54% interest) to an international petroleum company.
Andrei Kuziayev, Director General of LUKOIL Perm (a subsidiary of LUKOIL OAO), and Fred Miles, Partner of PricewaterhouseCoopers Audit, have signed a contract in Moscow today to create an integrated corporate management system at LUKOIL Perm.
The y2k compliance procedures at all subsidiaries and affiliates of LUKOIL are complete. Preparation of risk and contingency plans and personnel training for mitigating contingent failures and disruptions beyond the turn of the year 2000 and assuring continued operation of subsidiaries are also complete.
LUKOIL and its 22 subsidiaries reported 9 months 1999 income before taxation of RUB19,981m (versus RUB1,951m for 9 months of 1998).
Today in Perm LUKOIL-Permnefteorgsintez OOO (the Perm refinery) has launched a new sulfuric acid production unit. The launch of the new unit is one of the stages of the refinery upgrade under the Federal Fuel and Energy program.
An extraordinary shareholder meeting of Kominefteprodukt OAO, an affiliate of KomiTEK, has taken place today in Syktyvkar. The shareholder meeting was summoned in connection with LUKOIL's acquisition of KomiTEK and its affiliates through a share swap.
LUKOIL held a meeting of the Board of Directors on the 26th of November 1999. The Board of Directors discussed the 1999 budget accomplishment and outlined basic guidelines for the Company's performance in 2000.