OAO LUKOIL held its Annual General Shareholders Meeting in Moscow today to approve the 2008 Annual Report and financial statements based on the fiscal year results.
The shareholders approved dividend distribution based on the Company’s performance in 2008 in the amount of 50 rubles per ordinary share (42 rubles in 2007).
The size of remuneration and compensation of expenses to members of the Board of Directors and the Audit Commission was also approved. ZAO KPMG was approved as LUKOIL’s independent auditor. The Annual General Shareholders Meeting also elected the Board of Directors and the Audit Commission and approved an interested-party transaction.
The shareholders elected the Board of Directors (11 members).
Valery Grayfer, General Director of OAO RITEK, was elected Chairman of the newly elected Board of Directors at the Board of Directors Meeting held after the Annual General Shareholders Meeting.
LUKOIL is one of the world’s leading vertically integrated oil & gas companies. Main activities of the Company are exploration and production of oil & gas, production of petroleum products and petrochemicals, and marketing of these outputs. LUKOIL is the second largest private oil Company worldwide by proven hydrocarbon reserves. The Company has around 1.5% of global oil reserves and 2% of global oil production. LUKOIL dominates the Russian energy sector, with over 20% of total Russian oil production refining. “LUKOIL owns significant oil refining capacity both in Russia and abroad. In Russia the company owns four large refineries at Perm, Volgograd, Ukhta and Nizhny Novgorod. Total capacity of LUKOIL facilities in Russia is 40.8 mln tons of oil per year. LUKOIL also has refineries in Ukraine, Bulgaria, and Romania, with total capacity of 17.8 mln tons per year. The Company's marketing network comprises 18 countries, including Russia, the near-abroad and European countries as well as the USA.