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SUSTAINABILITY REPORTLUKOIL's petrochemical output covers a significant part of Russiandomestic demand for a number of chemicals which are also exportedto over 50 foreign countries.LUKOIL has its own tanker fleet including arctic tankers. Reinforcedice-class tankers permit transportation of four kinds of various cargoesat the same time, including crude oil and gas condensate.The new LUKOIL Strategic Development Programme, which extendsto 2013 aims for the Company to become one of the leading oil and gascompanies in the world, which would make it the second in gas salesonly to Gazprom. LUKOIL is already developing fast in that respect: theCompany has four gas refineries.During the reporting period, the Company has had a number of achievements.Among the most significant are the start of industrial oil productionat the Kravtsovskoye oil field on the Baltic shelf and the launch of thefirst unit of the distribution and transhipment plant in Vysotsk, LeningradOblast. In 2004 the American company Conoco-Phillips becameLUKOIL's strategic partner, and both corporations plan to actively cooperatein Russian and international oil and gas production projects.In 2004 the structure of share capital for the Company changed: thelast state-owned block of shares was privatized, which means thatstate participation in the Company has gone from 91% in 1993 to zero.At the same time, LUKOIL continues to adhere to the principle of balancingthe interests of the Company with those of the state in its projectsand in the general direction of its development.Improvements in the quality of corporate management and increasedtransparency were important factors that contributed to the Company'sdevelopment. The Head Internal Audit Department has been created forthe assessment of daily activities. The position of the Board of Directorsis being continually strengthened. Currently, the Board includes four independentmembers who chair the Strategy and Investment Committee,the Audit Committee, and the HR and Compensation Committee. Onedistinction of LUKOIL is that it does not have a majority shareholder,which means that the rights of minority shareholders are guaranteed.The Company consistently wins domestic and international competitions.In 2003 it was declared the best issuer on the Russian stock mar-6
CORPORATE PROFILEket. In 2004 the American magazine Global Finance named LUKOILthe best oil and gas company in Russia, and the international credit ratingagency Standard & Poor's rated the company number one amongRussian oil companies for transparency of information. LUKOILbecame Company of the Year in the Business Reputation category ofthe Sixth National Business Prize awarded by the informational agencyRosBusinessConsulting. The Company was one of the winners of theSeventh Competition of Annual <strong>Report</strong>s and Corporate Websites in thecategory "Best Level of Disclosure of Information for Investors" conductedby the RTS Stock Exchange and the magazine Rynok TsennykhBumag (Equity Market).7
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SOCIAL POLICYNeither the market nor
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SOCIAL POLICYCorporate expenses for
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SUSTAINABILITY REPORTBiddingIn Perm
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SUSTAINABILITY REPORTKremlin. The e
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SUSTAINABILITY REPORTIn 2004, the C
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SUSTAINABILITY REPORTof Archangel M
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SUSTAINABILITY REPORTParents - Heal
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SUSTAINABILITY REPORTENVIRONMENT, S
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INDEX OF COMPLIANCE WITH GRIREPORTI
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INDEPENDENT ASSURANCE STATEMENTMeth
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INDEPENDENT ASSURANCE STATEMENTit c
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INDEPENDENT ASSURANCE STATEMENTReco
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