LUKoil plans to adopt strategic development program

The LUKoil Board of Directors plans to adopt a strategic program of development of the company for the period until 2013 on April 16, 2003, LUKoil Vice-President Leonid Fedun declared in Moscow today. According to him, the main sections of the program will deal with development of oil and gas production, modernization of the structure of the company's refineries, as well as development of the sales networks in Russia and abroad. Fedun added that the Board of Directors would also consider further restructuring of the company, including the process of consolidation of assets in the Republic of Komi. As for the restructuring of the company's assets in the Nenets Autonomous Area, this question will be discussed at a special meeting of the Board of Directors, Fedun pointed out.

Fedun remarked that the question of payment of dividends to shareholders in the company for 2002 would also be discussed at a meeting of the Board of Directors on April 16.

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