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Oil Company "LUKOIL"

June 4, 1998

Annual General Meeting of LUKOIL shareholders sums up 1997 and approves plans for future

June 4, 1998. The LUKOIL oil company held an annual general meeting of shareholders in Moscow today.

The agenda included a report by the Board of Directors on the company's financial and economic operations in 1997; approval of the annual accounts and profit and loss report; distribution of profit; payment of dividends; election of the Board of Directors; election of the Auditing Commission; appointment of the independent auditor for the company and approval of the maximum number of declared registered convertible preferred LUKOIL shares.

The meeting set dividends for 1997 at 91 kopecks per preferred share and at 22 kopecks per common share.

The meeting set the number of declared registered convertible preferred shares at 20 million.

The meeting reappointed KPMG as LUKOIL's independent auditor. KPMG has been LUKOIL's auditor since 1995.

The meeting also elected a new Board of Directors with the following members:

  • Vagit Alekperov, President of LUKOIL;
  • Mikhail Berezhnoi, General Director of the LUKOIL-Garant Non-state Pension Fund;
  • Anatoly Golomolzin, head of a department at the State Antimonopoly Committee of the Russian Federation;
  • Valery Graifer, General Director of JSC Russian Innovation Fuel and Energy Company;
  • Vitaly Zelenkin, Deputy Minister of State Property of the Russian Federation;
  • Anatoly Kozyrev, Deputy Minister of Fuel and Energy of the Russian Federation;
  • Sergei Kukura, First Vice President of LUKOIL;
  • Ravil Maganov, First Vice President of LUKOIL;
  • Ralif Safin, First Vice President of LUKOIL;
  • Veniamin Sukharev, General Director of LUKOIL-Permnefteorgsintez;
  • Nikolai Tsvetkov, President of the NIKoil investment and banking group.

LUKOIL President Vagit Alekperov noted at the meeting that the parent company's performance in the complex situation last year reflects ongoing growth in its production and financial potential owing to better coordination of vertically-integrated oil production and oil supply units and units for production and sale of petroleum products.

Despite the negative influence caused by the fall in oil prices and the heavy tax burden, the parent company's financial activity is developing in a positive way. Net revenues at the parent company without account of subsidiaries last year were 86% up on the 1996 levels. Operating profit for 1997 was 16% up on the 1996 levels.

In 1997 the company had almost cleared its debt to the budget. The structure of the debt to various budgets shows that the company owes the Federal Road Fund 646.8 million rubles while the budget owes the company 1.0444 billion rubles.

The company's plans for 1998 are based on the need to increase the production and financial potential of the consolidated LUKOIL Group, including the parent company and the subsidiaries. In 1998 the company will stabilize and raise oil output, develop new projects in Russia and abroad, upgrade its oil refineries, improve the quality of its petroleum products, expand its network of filling stations and build new pipelines for petroleum products. The company will also participate in the construction of the Caspian pipeline system, develop its production of petrochemicals and ensure appreciation of its stock.

Principal Economic and Financial Statistics for LUKOIL for 1997

Oil output space.gif (54 bytes) 62.3 ml tonnes
  1.2 ml barrels per day
   
Oil refining 21.5 ml tonnes
  0.4 ml barrels per day
   
Oil exports 19.2 ml tonnes
   
Exports of oil products 6.3 ml tonnes
   
Consolidated net revenues 53.639 bln rubles ($9.272 bln)
   
Operating profit 5.151 bln rubles ($890 ml)
   
Pretax profit 4.203 bln rubles ($726 mln)
   
Assets according to consolidated accounts 84.553 bln rubles ($14.197 bln)
   
Share prices as of December  
Common shares $23.1
Preferred shares $16.0
   
Capitalization as of year end $15.5 bln
 
 
 

Press Centre  OAO "LUKOIL"
phone.: (095)927-1677,  fax: (095)927-1653,
E-mail: pr@lukoil.com
 
 
 

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