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.
In 1H99 LUKOIL’s financial and economic position was conditioned by improved situation on the domestic and international oil markets and general economic situation in Russia.
LUKOIL Board of Directors gathered in Moscow to review results of the company's performance in 1H99 and objectives for further successful performance in 1999.
LUKOIL ahead of the payment schedule has made dividend payment to the State in full against the state-owned block of shares (26.6%), which accounted for 49 589 753 rubles 50 kopecks. Dividend-related taxes were also paid in full to the Federal budget.
A ceremony of delivering a new ice-breaking tanker named «Maikop» to LUKOIL was held at the MTF Schiffwerft GmbH shipyards in Wismar (Germany) today.
In 1Q99, LUKOIL improved its operating and financial performance. Capital expenditure in the main production, refining and marketing subsidiaries amounted to 1.0 billion. A combination of a positive macroeconomic environment in 1Q99 together with growing world and domestic oil prices creates a basis for improvement of LUKOIL’s financial performance.
Today in Kogalym (West Siberia) where LUKOIL’s largest oil producing unit is headquatered, the annual general meeting of LUKOIL shareholders was held.
In 1998 LUKOIL reaffirmed its position as the leading Russian integrated oil company which produces 21% of the nationwide oil production.
LUKOIL Holding (excluding subsidiaries and affiliates) summarized its 1998 financial results. Pre-tax income amounted to Rbl3.209 bln. Taxes and similar state duties totaled Rbl1.142 bln, or 35.6% of the pre-tax income. Income subject to distribution in 1999 is Rbl2.067 bln.
Today in Moscow LUKOIL President Vagit Alekperov and Governor of the Vologda region Vyacheslav Pozgalev signed a protocol outlining a cooperation program between the Company and the region for 1999-2001. The protocol is a follow-up on the cooperation agreement signed on February 10, 1997.
OAO LUKOIL ensured a coupon payment on the convertible bonds issued by its Dutch affiliated company LUKINTER FINANCE B.V.