LUKOIL Board of Directors
summarizes company performance in 2012
and sets priorities for 2013

LUKOIL’s Board of Directors defined the following primary objectives for 2013 and the near future:

-  maintenance and growth of the production volume in the traditional regions of activity;
-  improvement of development techniques, development of idle reserves, improvement
-  of reservoir recovery;
-  fulfillment of plans for the search, exploration, implementation and commissioning of
-  new top-priority projects (Iraq, West Africa, the North Caspian Sea,
-  Bolshekhetskaya Depression fields);
-  implementation of the facilities construction schedule at V. Filanovsky field;
-  start of oil production in Q4 at West Qurna-2 field in Iraq;
-  implementation of the 2011-2013 program aimed at increasing the utilization of
-  associated petroleum gas;
-  implementation of a program intended to upgrade the Company’s refineries in Russia,
-  including the continued construction of the second VGO catalytic-cracking complex in
-  Nizhny Novgorod, a VGO hydrocracking unit in Volgograd, and a new unit for delayed
-  coking in Perm;
-  commissioning of a 235 MW-CCGT unit in the Central (Tsentralnaya) Boiler Station in
-  Astrakhan, enhancement of the production and economic efficiency of enterprises
-  belonging to the Power Engineering Business Sector.

Higher market capitalization, retention of the Company’s competitive positions in the international and national sectoral markets, extension of the Company’s resource base, commercial and regional diversification, and better energy efficiency are considered high priority trends among LUKOIL’s activities in 2013.

Source: Lukoil, January 11, 2013

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