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Words and expressions

LUKOIL

The company was founded by three West-Siberian oil and gas plants: “Langepasneftegas”, “Urayneftegas” and “Kogalimneftegas”. This initial letters of these names formed the first part of the new presence in the Russian oil and gas industry – LUKOIL.

LUKOIL is one of the world’s leading vertically integrated oil & gas companies. Main activities of the Company are exploration and production of oil & gas, production of petroleum products and petrochemicals, and marketing of these outputs. Most of the Company’s exploration and production activity is located in

Russia, and its main resource base is in Western Siberia. Most of the Company’s production is sold on the international market. LUKOIL petroleum products are sold in Russia, Eastern Europe, CIS countries and the USA. LUKOIL is the second largest private oil Company worldwide by proven hydrocarbon reserves. The Company has around 1.3% of global oil reserves and 2.1% of global oil production. LUKOIL dominates the Russian energy sector, with 18% of total Russian oil production and 18% of total Russian oil refining. LUKOIL proven reserves at the beginning of 2005 were 15,972 mln barrels of crude oil and 24,598 bcf of natural gas, totaling 20,072 mln.

LUKOIL has an outstanding portfolio of production assets. The main production region for LUKOIL Group is Western Siberia. The Company is developing a new production base in Timan-Pechora where its crude oil output has increased by more than 1.6 times in 5 years. LUKOIL is carrying out international exploration and production projects in Kazakhstan, Egypt, Azerbaijan, Uzbekistan, Saudi Arabia, Iran, Columbia, Venezuela and Iraq. With putting into operation the Nakhodkinskoye gas field the Company started its gas program which targets at a rapid growth of gas production in the mid-term.

The key regions for development of LUKOIL gas production are the Bolshekhetskaya Depression and the Northern Caspian as well as the Kandym – Khauzak – Shady project in Uzbekistan and the Shakh Deniz project in Azerbaijan. LUKOIL owns significant oil refining capacity both in Russia and abroad. In Russia the company owns four large refineries at Perm, Volgograd, Ukhta and Nizhny Novgorod. Total capacity of LUKOIL facilities in Russia is 41.8 mln tons of oil per year. LUKOIL also has refineries in Ukraine, Bulgaria, and Romania, with total capacity of 16.7 mln tons per year. In 2004 LUKOIL refined 44.0 mln tons of oil at its own refineries, including 35.5 mln tons at its Russian refineries.

By the end of 2004 LUKOIL's sales network covered 17 countries of the world, including Russia, the CIS (Azerbaijan, Belarus, Georgia, Moldova, Ukraine), Europe (Bulgaria, Hungary, Cyprus, Latvia, Lithuania, Poland, Serbia, Romania, Czech Republic, Estonia) and the USA, and consisted of 199 tank farms and 5,405 filling stations. LUKOIL sales network consisted of 10 marketing entities operating in 59 regions of Russia.