ANNUAL REPORT 2005 - Lukoil

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The Company continued to develop its own export terminals in 2005, enabling substantial reduction of transport costs and making transport arrangements more flexible. Construction of a terminal at Vysotsk in the North-West of Russia began in June 2002. The first stage of the terminal was commissioned in May 2004. In 2005 the second stage was built and preparations were made for construction of a third stage. Annual capacity at Vysotsk after commissioning of the third stage will be 14.9 million tonnes (capacity at the start of 2006 was 10.7 million tonnes). The harbour was deepened in 2005 to accommodate ships with deadweight up to 80,000 tonnes, giving a substantial saving on transport costs. The terminal can handle crude oil, fuel oil, vacuum gasoil and diesel. OIL DELIVERIES LUKOIL has built a unique terminal facility at Vysotsk in a very short period of time, enabling the Company to halt inefficient deliveries via ports in the Baltic republics, to significantly increase capacity for export of oil and petroleum products, and achieve major savings on transport costs. The Vysotsk terminal shipped 1.7 million tonnes of oil, 2.5 million tonnes of vacuum gasoil and 2.7 million tonnes of diesel in 2005. Total shipments were 6.9 million tonnes, which is 4.4 times more than in 2004. LUKOIL's terminal at the port of Svetly was commissioned in 2002 and is used for export shipment of oil produced in Kaliningrad Region and of petroleum products. The terminal has annual capacity for 6 million tonnes of oil and petroleum products and can accommodate tankers with deadweight up to 20,000 tonnes. A system introduced at the terminal in 2005 increased shipment of base lubricants and diesel fuel. The terminal shipped 1.5 million tonnes of oil and 3.1 million tonnes of petroleum products in 2005 (including 1.6 million tonnes of products owned by third parties). Total deliveries through the terminal increased by 18% compared with 2004. The Varandey terminal on the Barents Sea with annual crude oil capacity of 1.5 million tonnes was commissioned in 2000. The terminal is connected to onshore oil reservoirs by an underwater pipeline. Varandey carries out year-round deliveries from the Timan-Pechora oil & gas province, supplying the oil to international markets including the USA. The terminal was built in response to production growth in the region and lack of developed transport infrastructure. Work continued in 2005 to expand the terminal's annual capacity to 12 million tonnes. This is a joint project between LUKOIL and ConocoPhillips, and completion is scheduled in 2008. The new navigable waterway near Varandey Island was deepened in 2005 and preparations were made for operating shuttle tankers, an ice breaker and an ancillary tug, which will carry oil and service the Varandey loading terminal. After its expansion the terminal will be able to handle reinforced ice-class tankers with deadweight up to 70,000 tonnes. A plan is being considered for shuttle deliveries of crude oil from the terminal to a roads trans-shipment complex near Murmansk, from where the oil will be carried by tankers with deadweight up to 180,000 tonnes to Rotterdam and the US eastern seaboard. Trans-shipment of oil through the Varandey terminal was 592,000 tonnes in 2005, which is equal to the level of 2004. 43
47.6 REFINING, PETROCHEMICALS AND MARKETING Strategy 42.3 Production of high-quality, environmentally friendly petroleum products with high value-added Increase of light products yield Control of production costs 38.1 Optimizing logistics to reduce transport costs Increasing efficiency of trade operations Increasing retail sales of petroleum products and related products and services REFINING 1.4% of global oil refining capacity 1.3% of global refining 15.7% of Russian oil refining capacity 18.0% of Russian oil refining 29.2 18.6 19.0 18.9 44 REFINERY THROUGHPUTS (million tonnes) 1993 1995 1997 1999 2001 2003 2005
Page 1 and 2: ANNUAL REPORT 2005
Page 3 and 4: ANNUAL REPORT, 2005 ADDRESS TO SHAR
Page 5 and 6: ANNUAL REPORT, 2005 LUKOIL signific
Page 7 and 8: LUKOIL IS ONE OF THE MAJOR INTERNAT
Page 9 and 10: The Company buys 15 filling station
Page 11 and 12: August The first stage of a coke ca
Page 13 and 14: LUKOIL completes eradication of the
Page 15 and 16: 289 filling stations and 132 diesel
Page 17 and 18: ANNUAL REPORT, 2005 LUKOIL is reali
Page 19 and 20: ANNUAL REPORT, 2005 GEOLOGICAL EXPL
Page 21 and 22: ANNUAL REPORT, 2005 Russia Total ex
Page 23 and 24: ANNUAL REPORT, 2005 Western Siberia
Page 25 and 26: ANNUAL REPORT, 2005 In 2005 LUKOIL
Page 27 and 28: ANNUAL REPORT, 2005 Distribution of
Page 29 and 30: ANNUAL REPORT, 2005 LICENSING The C
Page 31 and 32: ANNUAL REPORT, 2005 increased by 1.
Page 33 and 34: ANNUAL REPORT, 2005 Creation of the
Page 35 and 36: ANNUAL REPORT, 2005 Gas Production
Page 37 and 38: KAZAKHSTAN Kumkol 50% LUKOIL INTERN
Page 39: ANNUAL REPORT, 2005 Main oil export
Page 43 and 44: Russia Growth of export duties in 2
Page 45 and 46: The catalytic reforming unit was ov
Page 47 and 48: GAS PROCESSING The Company's gas-pr
Page 49 and 50: up to 200,000 tonnes of caustic sod
Page 51 and 52: LUKOIL bought share stakes in 2005,
Page 53 and 54: Trading with third parties LITASCO
Page 55 and 56: ANNUAL REPORT, 2005 Effect from EOR
Page 57 and 58: TRADE BALANCE OF LUKOIL SUBSIDIARIE
Page 59 and 60: ANNUAL REPORT, 2005 Work by LUKOIL
Page 61 and 62: ANNUAL REPORT, 2005 management of t
Page 63 and 64: ANNUAL REPORT, 2005 as investments
Page 65 and 66: ANNUAL REPORT, 2005 AA 1000 standar
Page 67 and 68: ANNUAL REPORT, 2005 took part in cr
Page 69 and 70: CORPORATE GOVERNANCE The Company vi
Page 71 and 72: THE MARKET FOR COMPANY SECURITIES R
Page 73 and 74: than in the first quarter of the ye
Page 75 and 76: Alexander Shokhin Independent Direc
Page 77 and 78: Vagit Sharifov Vice-President, Head
Page 79 and 80: The general meeting of shareholders
Page 81 and 82: the Group's organizations and struc
Page 83 and 84: ANNUAL REPORT, 2005 Projects of LUK
Page 85 and 86: ANNUAL REPORT, 2005 Fields and lice
Page 87 and 88: ANNUAL REPORT, 2005 erves were not
Page 89 and 90: 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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FINANCIAL ACCOUNTS GUARANTEES, OFF-
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FINANCIAL ACCOUNTS ing filed by the
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FINANCIAL ACCOUNTS CRITICAL ACCOUNT
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FINANCIAL ACCOUNTS CONSOLIDATED FIN
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FINANCIAL ACCOUNTS OAO LUKOIL Conso
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FINANCIAL ACCOUNTS OAO LUKOIL Conso
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FINANCIAL ACCOUNTS OAO LUKOIL Notes
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FINANCIAL ACCOUNTS Property, plant
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FINANCIAL ACCOUNTS found a sufficie
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FINANCIAL ACCOUNTS Investments in "
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FINANCIAL ACCOUNTS members of the G
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FINANCIAL ACCOUNTS Russian ruble bo
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FINANCIAL ACCOUNTS The following ta
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FINANCIAL ACCOUNTS The real returns
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FINANCIAL ACCOUNTS The Company's ne
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FINANCIAL ACCOUNTS In January 2005,
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FINANCIAL ACCOUNTS Environmental li
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FINANCIAL ACCOUNTS NOTE 22. COMPENS
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FINANCIAL ACCOUNTS Geographical seg
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FINANCIAL ACCOUNTS OAO LUKOIL Suppl
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FINANCIAL ACCOUNTS III. Results of
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FINANCIAL ACCOUNTS Estimated net pr
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FINANCIAL ACCOUNTS develop and prod
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FINANCIAL ACCOUNTS Group's share in
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FINANCIAL ACCOUNTS and the Governme
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FINANCIAL ACCOUNTS A corporate hold
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ANNUAL REPORT, 2005 REFERENCE INFOR
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ANNUAL REPORT 2005 - Lukoil

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