ANNUAL REPORT 2005 - Lukoil

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ANNUAL REPORT, 2005 INTERNATIONAL TRADE LITASCO (LUKOIL International Trading and Supply Company) was set up in 2000 as sole agent for the Company's international trading operations, carrying out all LUKOIL Group deliveries and trading operations outside Russia. Transfer of all export operations to a single Company simplified export arrangements, optimizing export flows and assuring transparency of LUKOIL's oil and product exports. LITASCO is consistently increasing margins on trade operations by optimizing management of LUKOIL's delivery channels and by increasing the volume of trade with third parties. LITASCO has offices in 14 countries and its main trading offices are in Switzerland, the USA, Germany, the Netherlands, Sweden, UAE and Singapore. LITASCO's trading operations are supported by the company's own maritime fleet of 25 tankers. LITASCO's business divides into three main parts. Export sales of LUKOIL crude oil and petroleum products LITASCO sells LUKOIL crude oil and petroleum products to customers outside Russia. The main volumes are exported through Baltic and Black Sea ports, and also through the Druzhba pipeline system. Sales regions have traditionally been in Central, Eastern and Northern Europe, and the Black Sea and Mediterranean Basins. However, in the last two years LITASCO has taken advantage of strong commercial positions in Europe to send increasing export volumes to more distant markets, such as the USA and China. In the same period LITASCO has significantly increased the share of its sales, which are made direct to final users (oil refining and marketing companies). Deliveries to foreign companies of LUKOIL Group LITASCO makes deliveries to Group companies outside Russia, including refineries in Bulgaria and Romania. Crude deliveries are matched to the configuration and production requirements of each refinery in order to achieve maximum efficiency. 56
Trading with third parties LITASCO carries out international trading operations with third parties from its office in Geneva and its network of subsidiaries and representative offices in other countries. Such trading operations were 35% of LITASCO's total business in 2005. They help to increase efficiency of LUKOIL export business and generate extra profit. LITASCO has more than 2,000 suppliers and customers, including all the leading international oil corporations. LITASCO's expansion to new markets in Central America, China, and the Middle East have made LUKOIL one of the foremost oil trading companies in the world. In 2005 LUKOIL exported 40.0 million tonnes of crude oil and 19.7 million tonnes of petroleum products through LITASCO. Purchases by LITASCO from third parties in 2005 were 10.8 million tonnes of oil and 20.9 million tonnes of petroleum products. Deliveries to LUKOIL companies were 10.4 million tonnes of petroleum products and 81 million tonnes were sold to third parties. Net income of LITASCO in 2005 was $211 million. REFINING, PETROCHEMICALS AND MARKETING 57
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 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: LUKOIL bought share stakes in 2005,
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
Page 97 and 98: FINANCIAL ACCOUNTS The mineral extr
Page 99 and 100: FINANCIAL ACCOUNTS lack refining ca
Page 101 and 102: 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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