Alekperov will not resign as head of ‘Lukoil’

The head ofLUKOIL Vagit Alekperov will not resign, considering his
goals in the largest Russian private oil company unaccomplished. He
said in an interview to the newspaper ‘Vedomosti’ that he needs to
complete structuring of the company and development of the new
strategy, which he characterized as “maximum profit, efficiency and
development”.

Alekperov said that he is not looking for a successor yet.

Answering a question as to whether he or the vice president of the
company, Leonid Fedun, the largest shareholders of LUKOIL, are to
increase their shares using a stock option plan, Alekperov said that
this will not happen because it requires large finances and there is
no necessity. Their goal is to make it a private company with many
shareholders, both Russian and foreign, he said.