ANNUAL REPORT 2005 - Lukoil

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FORWARD-LOOKING STATEMENTS Certain statements in this document are not historical facts and are "forward-looking." We may from time to time make written or oral forward-looking statements in reports to shareholders and in other communications. Examples of such forward-looking statements include, but are not limited to: statements of our plans, objectives or goals, including those related to products or services; statements of future economic performance; and statements of assumptions underlying such statements. Forward looking statements that may be made by us from time to time (but that are not included in this document) may also include projections or expectations of revenues, income (or loss), earnings (or loss) per share, dividends, capital structure or other financial items or ratios. Words such as "believes," "anticipates," "expects," "estimates," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. You should be aware that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include: CONSOLIDATED FINANCIAL STATEMENTS inflation, interest rate and exchange rate fluctuations; the price of oil; the effects of, and changes in, Russian government policy; the effects of competition in the geographic and business areas in which we conduct operations; the effects of changes in laws, regulations, taxation or accounting standards or practices; our ability to increase market share for our products and control expenses; acquisitions or divestitures; technological changes; and our success at managing the risks of the aforementioned factors. This list of important factors is not exhaustive. When relying on forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social and legal environment in which we operate. Such forward-looking statements speak only as of the date on which they are made, and, subject to any continuing obligations under the Listing Rules of the U.K. Listing Authority, we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. We do not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. 179
ANNUAL REPORT, 2005 REFERENCE INFORMATION The most complete and up-to-date information about LUKOIL can always be found on the Company's website: www.lukoil.ru (Russian) or www.lukoil.com (English). By visiting the site you can familiarize yourself with trends and results of LUKOIL's business, obtain accurate, up-to-date information about events concerning the Company and the whole spectrum of LUKOIL activities, as well as finding out about the Company's social and environmental policies. The Investor Centre section of the site presents the company's financial and industrial results, dividend history, share prices, presentations for investors, and Company reports. Legal Address and Central Office 11, Sretensky Boulevard, Moscow, Russia 101000 Central Information Service Tel: +7 (495) 627-44-44, 628-98-41 Fax: +7 (495) 925-70-16 Shareholder Relations Department Tel: +7 (495) 627-48-84, 973-73-46 Fax: +7 (495) 627-41-91 E-mail: shareholder@lukoil.com Investor Relations Department Tel: + 7 (495) 627-16-96 Fax: + 7 (495) 981-72-88 E-mail: ir@lukoil.com Press Service Tel: +7 (495) 627-16-77 Fax: +7 (495) 627-16-53 E-mail: pr@lukoil.com LUKOIL Stock Consulting Center 3 (Building 1), Pokrovsky Boulevard, Moscow, Russia 101000 Tel: + 7 (495) 627-41-91, 627-43-80 Fax: + 7 (495) 627-41-91 NIKOIL Registrar Company 28, 3rd Ulitsa Yamskovo Polya, Moscow, Russia 125124 Tel/fax: + 7 (495) 755-90-77 LUKOIL REPORTS Electronic versions of the following reports are available at the Investor Centre section of the company web site (www.lukoil.com/ir) 1. Report on Company Business. 2. Consolidated Financial Accounts. 3. Quarterly Consolidated Financial Accounts. 4. Management's Discussion and Analysis of Financial Condition and Results of Operations 5. Analyst DataBook. CONCEPTS AND TERMS USED IN THIS REPORT Mentions in this Annual Report of "LUKOIL", "LUKOIL Group", "the Group", "LUKOIL", "the Company", "we" and "our" are equivalent and refer to LUKOIL Group of companies, to LUKOIL and/or its subsidiary enterprises, depending upon the context, in which the terms are used. The average rouble/dollar exchange rate for 2005 (28.29 roubles/dollar) is used in conversion of rouble figures for expression in dollars, unless otherwise indicated. "Regions" with a capital "R" refers to administrative divisions of the Russian Federation, "regions" with a small "r" refers to general geographical divisions. "Reference fuel" is a rough measure to enable comparisons between different types of fuel, based on their energy content. 1 tonne of reference fuel = one tonne of crude oil = 1,000 cubic meters of natural gas. ABBREVIATIONS Boe – barrels of oil equivalent (1 boe = 6,000 cubic feet of gas) ppm – parts per million km – kilometer mcm – million cubic meters bcm – billion cubic meters mcf – million cubic feet bcf – billion cubic feet 180
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ANNUAL REPORT 2005
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ANNUAL REPORT, 2005 ADDRESS TO SHAR
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ANNUAL REPORT, 2005 LUKOIL signific
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LUKOIL IS ONE OF THE MAJOR INTERNAT
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The Company buys 15 filling station
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August The first stage of a coke ca
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LUKOIL completes eradication of the
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289 filling stations and 132 diesel
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ANNUAL REPORT, 2005 LUKOIL is reali
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ANNUAL REPORT, 2005 GEOLOGICAL EXPL
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ANNUAL REPORT, 2005 Russia Total ex
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ANNUAL REPORT, 2005 Western Siberia
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ANNUAL REPORT, 2005 In 2005 LUKOIL
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ANNUAL REPORT, 2005 Distribution of
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ANNUAL REPORT, 2005 LICENSING The C
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ANNUAL REPORT, 2005 increased by 1.
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ANNUAL REPORT, 2005 Creation of the
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ANNUAL REPORT, 2005 Gas Production
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KAZAKHSTAN Kumkol 50% LUKOIL INTERN
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ANNUAL REPORT, 2005 Main oil export
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47.6 REFINING, PETROCHEMICALS AND M
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Russia Growth of export duties in 2
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The catalytic reforming unit was ov
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GAS PROCESSING The Company's gas-pr
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up to 200,000 tonnes of caustic sod
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LUKOIL bought share stakes in 2005,
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Trading with third parties LITASCO
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ANNUAL REPORT, 2005 Effect from EOR
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TRADE BALANCE OF LUKOIL SUBSIDIARIE
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ANNUAL REPORT, 2005 Work by LUKOIL
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ANNUAL REPORT, 2005 management of t
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ANNUAL REPORT, 2005 as investments
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ANNUAL REPORT, 2005 AA 1000 standar
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ANNUAL REPORT, 2005 took part in cr
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CORPORATE GOVERNANCE The Company vi
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THE MARKET FOR COMPANY SECURITIES R
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than in the first quarter of the ye
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Alexander Shokhin Independent Direc
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Vagit Sharifov Vice-President, Head
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The general meeting of shareholders
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the Group's organizations and struc
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ANNUAL REPORT, 2005 Projects of LUK
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ANNUAL REPORT, 2005 Fields and lice
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ANNUAL REPORT, 2005 erves were not
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ANNUAL REPORT, 2005 The company's r
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FINANCIAL ACCOUNTS MANAGEMENT'S DIS
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FINANCIAL ACCOUNTS Strategic Partne
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FINANCIAL ACCOUNTS The table below
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FINANCIAL ACCOUNTS The mineral extr
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FINANCIAL ACCOUNTS lack refining ca
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FINANCIAL ACCOUNTS YEAR ENDED DECEM
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FINANCIAL ACCOUNTS 2005 2004 Realiz
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FINANCIAL ACCOUNTS Operating expens
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FINANCIAL ACCOUNTS Excise and expor
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FINANCIAL ACCOUNTS YEAR ENDED DECEM
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FINANCIAL ACCOUNTS Sales revenue Sa
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FINANCIAL ACCOUNTS Wholesale of ref
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FINANCIAL ACCOUNTS The increase in
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FINANCIAL ACCOUNTS Analysis of capi
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Page 131 and 132: FINANCIAL ACCOUNTS OAO LUKOIL Notes
Page 133 and 134: FINANCIAL ACCOUNTS Property, plant
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Page 137 and 138: FINANCIAL ACCOUNTS Investments in "
Page 139 and 140: FINANCIAL ACCOUNTS members of the G
Page 141 and 142: FINANCIAL ACCOUNTS Russian ruble bo
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Page 145 and 146: FINANCIAL ACCOUNTS The real returns
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Page 149 and 150: FINANCIAL ACCOUNTS In January 2005,
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Page 157 and 158: FINANCIAL ACCOUNTS OAO LUKOIL Suppl
Page 159 and 160: FINANCIAL ACCOUNTS III. Results of
Page 161 and 162: FINANCIAL ACCOUNTS Estimated net pr
Page 163 and 164: FINANCIAL ACCOUNTS develop and prod
Page 165 and 166: FINANCIAL ACCOUNTS Group's share in
Page 167 and 168: FINANCIAL ACCOUNTS and the Governme
Page 169: FINANCIAL ACCOUNTS A corporate hold
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ANNUAL REPORT 2005 - Lukoil

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