LUKOIL Tuesday, August 31, 2021
<_a103a_updated style='display: none'> { 8/31/2021 1:16:15 PM }At today's meeting of LUKOIL Board of Directors in Moscow, the members of the Board reviewed the Company's performance in the first half of 2021, budget execution and progress on investment program.
The Directors noted that LUKOIL Group achieved the main objectives for the first six months of 2021 defined by the plan, budget, and investment program.
The members of the Board also listened to the report of LUKOIL President Vagit Alekperov. The head of the Company stated that, despite persisting influence of the pandemic, global business activity is reaching the pre-crisis levels, as confirmed by growing demand for hydrocarbons and reduction of commercial inventories of crude oil and oil products. Vagit Alekperov highlighted the high efficiency of OPEC+ agreement, which allowed to lower price volatility risks on the oil market. LUKOIL has already recommissioned over a half of the wells that were shut down in May 2020. The Company will keep increasing oil production in Russia in alignment with the changes in external limitations.
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PJSC 'LUKOIL' released its condensed interim consolidated financial statements for the three and six month periods ended June 30, 2021 prepared in accordance with International Financial Reporting Standards (IFRS).
LUKOIL is to acquire the 50% operator interest in the Area 4 project in Mexico, consisted of two oil fields, Ichalkil and Pokoch, which are located in the Gulf of Mexico. The construction of production facilities is currently being finalized, and production of first oil is scheduled for the third quarter of 2021. The partner in the Project is PetroBal.
LUKOIL's Annual General Shareholders Meeting in the form of absentee voting took place in Moscow. The Meeting approved the 2020 Annual Report of the Company and the 2020 financial statements, as well as decision on distribution of profit for 2020 was made. The shareholders also approved the final dividend distribution and elected the Board of Directors of PJSC 'LUKOIL'.
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OAO Lukoil published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 10:21:05 UTC.
