LUKoil planning to increase its reserves

In 2003, LUKoil intends to increase its reserves by 150m tons of fuel equivalent. These figures were confirmed by the company's Board of Directors today, LUKoil's press service reported. Natural gas reserves are expected to reach 5.7bn cubic meters. Also, 44.5m tons of oil will be refined and no less than 60m tons of oil products will be sold.

In 2003, the work on restructuring the company and improving the corporative management will continue. LUKoil's 2003 investment program amounts to nearly $2.4bn, up 12.4 percent against the year 2002.

Dividends of RUR19.5 (about $0.64) per common share were recommended for adoption at the upcoming general meeting of the company's shareholders.

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