PJSC LukOil Result of BoD Meeting (6330Z)
January 13 2020 - 7:50AM
UK Regulatory
TIDMLKOD
RNS Number : 6330Z
PJSC LukOil
13 January 2020
LUKOIL BOARD OF DIRECTORS SUMMARIZES PRELIMINARY 2019
RESULTS
LUKOIL Board of Directors held a meeting in Moscow today to
summarize the Company's preliminary 2019 results and set priorities
for 2020 under the Strategic Development Program for 2018 -
2027.
It was noted at the meeting that the Company successfully
accomplished the second year's goals within the ten-year strategy
and achieved significant progress in delivering on key projects and
strategic initiatives.
In 2019 LUKOIL commissioned Phase 3 facilities at the Vladimir
Filanovsky field, continued to develop the infrastructure of the
Valery Grayfer (former Rakushechnoye) field in the Caspian Sea,
commissioned the D41 field in the Baltic Sea, ensured rapid growth
of production of hard-to-recover oil in West Siberia and
Timan-Pechora. The Company also intensified effort at license areas
within the tax on additional income regulations and acquired shares
in upstream projects in the Republic of Congo and in the United
Arab Emirates. LUKOIL continued to implement selective projects at
its refineries and develop premium sales channels.
The Company continued to take successful measures to optimize
costs and increase efficiency, develop and apply new technologies,
including implementation of a digitalization program.
In 2019 the Company approved a new dividend policy and cancelled
the major part of the Company's treasury shares acquired as part of
the buy-back programme and public offer.
Among key priorities for 2020 the Board of Directors determined
accident-free operations, attainment of key performance indicators,
efficiency improvement and cost optimization, maintaining
investment discipline.
The Board of Directors also reviewed the issue on
decarbonization strategies applied across oil and gas industry.
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END
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