LUKOIL Board of Directors to approve long-term development strategy

The board of directors of Russia's largest private oil company "LUKOIL"
may, within two to three weeks, approve a new long-term program of
development, the head of the company's Department of Investment Analysis and Investor
Relations, Andrey Gaydamak, announced today, RIA Novosti reports.

Gaydamak said that the program provides a sufficiently large increase in
investments in profitable projects in Russia, including in the field of
recycling.

He also confirmed that Lukoil intends to acquire new assets, without giving
details.

Earlier, the president of Lukoil, Vagit Alekperov, reported that the Board of
Directors of Lukoil will consider three options for the strategy up to 2021
in December. He said that total investments of the company in this period
will amount to 100 billion dollars. Alekperov also noted that the plan of
investment includes funds for the purchase of assets, including the $1.7
billion which Lukoil advanced this year for the purchase of an asset with
an undisclosed name.