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28.06.2006 AGM Statement

AGM Statement  

OAO LUKOIL ("LUKOIL" or "the Company") held an Annual General Shareholders Meeting ("AGSM") inMoscow today to approve its 2005 annual report and financial statements based on the result of the financial year.
Shareholders approved the payment of dividends based on the Company's performance in 2005 in the amount of 33 rubles per ordinary share (28 rubles in 2004). The AGSM also adopted changes and amendments to the Company Charter, the Regulations on the Board of Directors and the Audit Commission of OAO LUKOIL, aiming to improve corporate governance.
The shareholders also adopted amount of remuneration and compensation of expenses to the members of the Board of Directors and Audit Commission of OAO LUKOIL.
ZAO KPMG was approved as LUKOIL`s independent auditor.
The AGSM also elected the Audit Commission and approved the interested/related party transactions.
Vagit Yu. Alekperov was elected President of OAO LUKOIL.
The shareholders elected the following Board of Directors:
1. Vagit Yu. Alekperov, President of OAO LUKOIL;
2. Mikhail P. Berezhnoi, Director General of the Non-State Pension Fund LUKOIL-Garant;
3. Valery I. Grayfer, Director General of OAO RITEK;
4. Oleg E. Kutafin, Rector (President) of the Moscow State Academy of Law;
5. Ravil U. Maganov, First Vice President of OAO LUKOIL;
6. Richard Matzke, Former Vice Chairman of Chevron Corporation;
7. Kevin Meyers, President of Russia/Caspian Region, ConocoPhillips;
8. Sergei A. Mikhailov, Director General of OOO Management Consulting;                         
9. Nikolai A. Tsvetkov, Chairman of the Management Committee of OAO URALSIB;
10.Igor V. Sherkunov, Chairman of the Board of Directors of ZAO Investment Group Capital;
11.Aleksander N. Shokhin, President of the Russian Union of Industrialists and Entrepreneurs (Employers).