BoD sets priorities for company business in 2005
Posted: 12 January 2005
The board of directors (BoD) of Lukoil met recently in Moscow and set priorities for the Company’s business in 2005.
Lukoil’s main financial objective in the medium term is to achieve return on invested capital comparable with its main international competitors, despite of increasing tax burden.
The Company has set a target of increasing hydrocarbon reserves by an amount equal to 130 per cent of crude production, which should be no less than 90.2 million tons. The main challenge in oil refining will be to increase the relative value of crude by optimization of capacity load at the Company’s Russian refineries and by raising the share of high value-added products.
In the field of corporate governance, further steps will be taken to implement principal conditions of the planned Strategic Partnership with ConocoPhillips, which is a priority for Lukoil. The Company’s restructuring program will also be continued in 2005. This program is intended to optimize Company activities, with significant reduction of the number of legal entities in the Group, particularly of non-core assets.
The BoD included the following individuals in the list of candidates to the new BoD, which is to be selected at the extraordinary general meeting of shareholders on 24 January, 2005:
Vagit Yu. Alekperov: President of OAO “LUKOIL”
Mikhail P. Berezhnoi: General Director of the Non-State Pension Fund LUKOIL-GARANT
Valery I. Grayfer: General Director of OAO “RITEK”
Tatyana S. Yesaoulkova: General Director of OOO Specialized Depositary Company GARANT
Oleg E. Kutafin: Rector of the Moscow State Academy of Law
Ravil U. Maganov: First Vice President of OAO “LUKOIL”
Richard H. Matzke: former Vice Chairman of Chevron Corporation
Kevin O. Meyers: President of Russia/Caspian Region, ConocoPhillips
Sergei A. Mikhailov: General Director of OOO Management-Consulting
Nikolai A. Tsvetkov: Chairman of OAO AKB AVTOBANK- NIKoil
Igor V. Sherkunov: Chairman of the Board of Directors of ZAO Investitsionnaya Gruppa Kapital [Capital Investment Group]
Alexander N. Shokhin: President of the State University – Higher School of Economics
Posted by Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
