ANNUAL REPORT 2005 - Lukoil

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ANNUAL REPORT, 2005 International Throughputs at LUKOIL foreign refineries were 10.25 million tonnes in 2005 (including 273,000 tonnes of fuel oil), which is an increase of 1.77 million tonnes, or 20.9%, compared with 2004. Average refining depth at foreign refineries increased to 77.5% (70.5% in 2004). Light product yield was 60.9% (56.3% in 2004). Irretrievable crude losses at foreign refineries declined from 1.20% in 2004 to 1.07% in 2005, saving $5 million. The share of high-octane gasolines in total motor gasoline output rose from 97.3% in 2004 to 98.6% in 2005. The positive trends were mainly due to re-commissioning at the end of 2004 of the Company's Romanian refinery, Petrotel-LUKOIL, following major reconstruction work. Capital expenditures on modernization of LUKOIL's foreign refineries were $105 million in 2005", and investments were $66 million. The Burgas Refinery in Bulgaria carried out reconstruction of the regenerator on its catalytic cracking unit. This work regulated the heat balance and increased recovery of the desired cut. The Refinery also launched a new system that allows its power generating facilities to switch between heating fuel and natural gas, depending on which is cheaper at any time. In January 2005 Burgas began production of diesel fuel and gasoline with sulfur content below 50 ppm, complying with Euro-4 standards. The Odessa Refinery completed reconstruction of its desalting and atmospheric and vacuum distillation unit in 2005, increasing annual crude capacity to 2.4 million tonnes. Irretrievable crude losses were reduced to 0.69%, saving $300,000. As part of the integration arrangement for deep refining at LUKOIL's foreign refineries, Odessa supplied 273,000 tonnes of fuel oil to the Burgas Refinery. These operations give a major synergy effect by using the Company's Ukrainian and Bulgarian refinery facilities in a single production chain. The Odessa Refinery has been closed since July 2005 for large-scale reconstruction, centred on installation of a catalytic cracking complex and power generating facilities. The work is expected to cost $320 million and will take 5 years to complete. Annual crude refining capacities will be kept at 2.8 million tonnes, and production of fuel oil will be reduced while output of products with high value added will increase. The Petrotel-LUKOIL Refinery reopened at the end of 2004 after a 3-year upgrade and achieved efficiency targets in 2005. Light petroleum product yield increased to 75.5% compared with 68.5% in 2000, refining depth increased to 94.9% from 86.7% in 2000, and irretrievable crude losses declined to 0.93% from 2.06% in 2000. The Refinery produces diesel fuel and gasoline to Euro-3 and Euro-4 standards, adjusting its product mix to match demand on the market. In order to improve product quality and save crude the Refinery installed a drying system with mole sieve for inputs on the isomerization unit. The Refinery also injected additives for secondary burning and raising octane number in the catalytic cracking unit in order to stabilize the unit's operation. The octane number of produced gasoline was thus raised by one point. 50
GAS PROCESSING The Company's gas-processing plants convert associated gas, produced by the Company in Russia, into saleable gas, which is fed into the Gazprom transport system. The plants also produce liquid hydrocarbons. LUKOIL's gas-processing plants processed 2.691 billion cubic meters of gas and 479,000 tonnes of natural gas liquids in 2005. They produced 2.192 billion cubic meters of gas, 574,000 tonnes of LPG and 517,000 tonnes of liquid hydrocarbons (stable natural gasoline, isopentane and hexane-heptane fractions, and natural gas liquids). A new loading rack for natural gas liquids was commissioned in 2005 at the Lokosovsky Gas-processing Plant, providing additional inputs to the Perm Gas-processing Plant. REFINING, PETROCHEMICALS AND MARKETING LUKOIL Gas-processing Plants Usinsk Gas-processing Plant Usinsk (Komi) 700 551 Lokosovsky Gas-processing Plant Langepas (Western Siberia) 1,070 1,214 Total 2,679 2,691 711 479 Perm Gas-processing Plant Perm 505 498 550 437 Korobkovsky Gas-processing Plant Kotovo (Volgograd Region) 404 428 161 42 Gas processing Capacity, mcm per year Processing in 2005, mcm Capacity, th. tonnes per year Processing in 2005, th. tonnes Processing of liquid hydrocarbons PETROCHEMICALS LUKOIL's petrochemical business is the biggest in Russia and Eastern Europe. The Company's plants in Russia and Ukraine make pyrolysis products, organic synthesis products, fuel fractions and polymer materials, meeting a major share of Russian domestic demand for various chemicals as well as exporting chemicals to more than 50 countries. LUKOIL petrochemical plants made 1.8 million tonnes of saleable products in 2005, including 402,000 tonnes of polyethylene (8% more than in 2004), 53,000 tonnes of vinyl acetate (30% more than in 2004), and 128,000 tonnes of acrylonitrile (9% more than in 2004). In addition the Company's 51
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 and 40: ANNUAL REPORT, 2005 Main oil export
Page 41 and 42: 47.6 REFINING, PETROCHEMICALS AND M
Page 43 and 44: Russia Growth of export duties in 2
Page 45: The catalytic reforming unit was ov
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
Page 91 and 92: FINANCIAL ACCOUNTS MANAGEMENT'S DIS
Page 93 and 94: FINANCIAL ACCOUNTS Strategic Partne
Page 95 and 96: 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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