Participation in Shakh-Deniz international gas project (Azerbaijan)
LUKOIL acquires a 5% interest in Shakh-Deniz international gas project in Azerbaijani sector of the Caspian Sea. In 2004, the Company increases its interest in the project to 10%, while in 2015 it raises a major long-term loan to implement phase two of the Production Sharing Agreement (PSA) as part of Shakh-Deniz project.
Offering American Depositary Receipts on the Company's shares
LUKOIL becomes the first Russian company to offer American depositary receipts (ADR) on the global market. The Company’s ADRs are traded at German stock exchanges and on the U.S. OTC market. About 20% of the authorized capital was converted into ADRs. Bank of New York acts as a depository.