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LUKOIL Board of Directors sets priorities for 2012
13.01.2012 + + + The OAO LUKOIL Board of Directors held a meeting in Moscow today to summarize the Company’s preliminary performance results in 2011 and set priorities for 2012 and the near term.
LUKOIL’s Board of Directors defined the following primary objectives for 2012 and the near future:
- stabilization and maintenance of the production volume in the traditional regions of operation;
- implementation of plans for new top priority projects in Russia (the Northern Caspian Sea, fields located at the Bolshekhetskaya Depression);
- continued implementation of overseas projects in the deep waters of West Africa, the Romanian sector of the Black Sea shelf, and the Aral Sea shelf in Uzbekistan, as well as the Uzbek projects of Gissar and Khauzak-Shady-Kandym;
- implementation of key tasks under the West Qurna-2 project;
- implementation of a program aimed at increasing the associated petroleum gas utilization level for 2011-2013;
- implementation of a program intended to modernize the Company’s refineries, including the construction of a new delayed coking unit in Perm, a vacuum gasoil hydrocracking unit in Volgograd, a second catalytic cracking unit and a heavy residue hydrocracking unit in Nizhny Novgorod.
According to the Program of the LUKOIL Group Strategic Development for 2012-2021, approved by the OAO LUKOIL Board of Directors on December 1, 2011, maintenance of the competitive level of the return on capital employed, a higher free cash flow and increased return on shareholder value are considered OAO LUKOIL ‘s top priorities for 2012.
Source: OAO LUKOIL
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