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SUSTAINABILITY REPORTin its final version, the Code nevertheless deserves to be treated asa contribution to the liberalization of economic relations as it providesa legal foundation for the establishment of favourable conditions forinternational commercial activities by Russian companies.The Federal Assembly of the Russian Federation has since 2003 beenworking on the proposal made by the business community to introducea strict regimen of procedures for raising prices and tariffs forservices provided by natural monopolies. Today, limits for those pricesand tariffs – including those for electric and heating energy, natural gas,and railroad and pipeline transportation – are set by the Russian governmentprior to the first reading of the draft federal budget for thenext fiscal year and become effective as of the first of the fiscal year.Implementation of that regulation promotes economic stability and predictabilityof development among producers and service providerswithin natural monopolies.Of all the laws prepared with the involvement of LUKOIL specialistsand signed by the Russian President, those that create favourable conditionsfor investments in the Russian economy are particularly significant,including:changes in legislation aimed at protecting shareholder interestsin joint stock companies;adoption of the law on investment funds that creates a convenientmechanism for attracting investments into the productive sector ofeconomy;inclusion of some resource locations under Russian jurisdictionon the continental shelf of the Russian Federation and on a portionof the Caspian Sea bottom in the list of resources that may be developedthrough production sharing agreements. The locations of interesthere are the Central and Yalamo-Samur prospective deposits thatLUKOIL is directly involved in exploring.It is important to note that an agreement on production sharingbetween a resource user and the state is practically the only wayto achieve an acceptable rate of return for investors on shelf depositsthat require significantly larger investments than those locatedon shore.28
COMPANY CONTRIBUTION TO ECONOMICDEVELOPMENT OF THE RUSSIAN REGIONSOne of the obstacles to the vigorous development of the country's oiland gas complex is the deficit in the capacity for transportation of oiland petroleum products. Resolution of that problem is complicated bydeficiencies in the legislation that regulates the development and functioningof main transportation pipelines. That has prompted more activework on the draft law "On Main Pipeline Transportation". Specialists ofthe Company participate in drafting of that law. Among the key pointsof the draft law are: creation of conditions for attracting private investmentsto the construction of main pipelines; enabling equal access topipeline systems controlled by the state; and taking into account thecharacteristics of raw materials supplied to the main pipeline transportationsystem.The Company's specialists have contributed to the drafting and expertevaluation of other legislation including the new Labour and LandCodes, a set of laws on electric energy reform, and others. Of specialnote is an amendment to the law "On Natural Monopolies" whichaffirms the principle that export opportunities should be made availableon a non-discriminatory basis to oil-producing organisations in proportionto the volume of oil delivered to the main pipeline system.29
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Page 43 and 44: SOCIAL POLICYCollective bargaining
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INDEX OF COMPLIANCE WITH GRIREPORTI
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INDEPENDENT ASSURANCE STATEMENTMeth
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INDEPENDENT ASSURANCE STATEMENTReco
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