Tuesday, April 23rd, 2013
A traveling meeting of the OAO LUKOIL Board of Directors was held in Priolo (Sicily) today to make decisions regarding the 2013 Annual General Shareholders Meeting.
Among other things, the Board of Directors resolved to hold this meeting on June 27, 2013, at 11.00 am at 11 Sretensky Boulevard, Moscow, OAO LUKOIL, Vega Building, conference hall.
The record date for the list of the shareholders entitled to participate in the General Shareholders Meeting is May 13, 2013.
The Board of Directors intends to recommend that dividends for the 2012 financial year be paid to the shareholders in the amount of 50 rubles per ordinary share (net of the interim dividends of 40 rubles per ordinary share paid for the respective 2012 reporting period).
Thus, the total 2012 dividend payment amount in view of the interim dividends shall equal 90 rubles per ordinary share, which exceeds the 2011 dividend sum by 20% (75 rubles based on the 2011 performance).
The shareholders will also elect the Board of Directors of OAO LUKOIL, consisting of 11 members, and the Audit Commission, consisting of 3 members.
The following candidates were nominated to the Board of Directors:
||Vagit Yu. Alekperov
||President of OAO LUKOIL
||Victor V. Blazheev
||Rector of the O.E. Kutafin Moscow State Academy of Law
||Valery I. Grayfer
||Chairman of the Board of Directors of OAO RITEK
||Igor S. Ivanov
||President of Russian International Affairs Council, former Minister of Foreign Affairs of the Russian Federation, Secretary of the Security Council of the Russian Federation
||Ravil U. Maganov
||First Executive Vice-President of OAO LUKOIL
||Richard H. Matzke
||former Vice Chairman of Chevron Corporation
||Sergei A. Mikhailov
||Chairman of the Board of Directors of ZAO Kapital Upravleniye Aktivami [Kapital Asset Management]
||Executive Chairman of Templeton Emerging Markets Group
||Guglielmo Antonio Claudio Moscato
||Chairman and CEO of Gas Mediterraneo & Petrolio
||Nikolay M. Nikolaev
||General Director of OAO RITEK
||Member of the UN Investments Committee of the UN Joint Staff Pension Fund Board, (NY, USA), Board member of Blackstone Group International Limited, AEA European Advisory Board, AEA Investors LP Global Advisory Board (NY, USA), Symbiotics, Chairman of the Board of PSA International SA
||Leonid A. Fedun
||Vice President for Strategic Development of OAO LUKOIL
The following candidates were nominated for the Audit Commission:
||Mikhail B. Maximov
||General Director of OOO LUKOIL-Regional Accounting Centre Perm
||Vladimir N. Nikitenko
||President of OAO Petrocommerce Bank
||Alexander V. Surkov
||General Director of OOO LUKOIL-Regional Accounting Centre Volgograd
The Board of Directors also discussed the implementation plans for the new conversion facilities construction projects and associated gas utilization projects at the Russian enterprises, as well key business directions.
Tuesday, February 5th, 2013
The Board of Directors of OAO LUKOIL approved lists of candidates for election of the Board of Directors and the Audit Commission at the 2013 Annual General Shareholders Meeting.
The list of candidates is based on the nominees put forward by shareholders who own at least two percent of the voting shares.
The following candidates were nominated to the Board of Directors:
1. Vagit Yu. Alekperov, President of OAO LUKOIL;
2. Victor V. Blazheev, Rector of the O.E.Kutafin Moscow State Academy of Law;
3. Valery I. Grayfer, Chairman of the Board of Directors of OAO RITEK;
4. Igor S. Ivanov, President of Russian International Affairs Council, former Minister of Foreign Affairs of the Russian Federation, Secretary of the Security Council of the Russian Federation;
5. Ravil U. Maganov, First Executive Vice President of OAO LUKOIL;
6. Richard H. Matzke, former Vice Chairman of Chevron Corporation;
7. Sergei A. Mikhailov, Chairman of the Board of Directors of ZAO Kapital Upravlenie aktivami [Kapital Asset Management];
8. Mark Mobius, Executive Chairman of Templeton Emerging Markets Group;
9. Guglielmo Antonio Claudio Moscato, Chairman and CEO of Gas Mediterraneo & Petrolio;
10. Nikolay M. Nikolayev, General Director of OAO RITEK;
11. Ivan Pictet, Member of the UN Investments Committee of the UN Joint Staff Pension Fund Board (NY, USA), Board member of Blackstone Group International Limited, AEA European Advisory Board, AEA Investors LP Global Advisory Board (NY, USA), Symbiotics, Chairman of the Board of PSA International SA;
12. Leonid A. Fedun, Vice President for Strategic Development of OAO LUKOIL.
The following candidates were nominated for election to the Audit Commission:
1. Mikhail B. Maximov, General Director of OOO LUKOIL-Regional Accounting Centre Perm;
2. Vladimir N. Nikitenko, President of OAO Petrocommerce Bank;
3. Alexander V. Surkov, General Director of OOO LUKOIL-Regional Accounting Centre Volgograd.
Thursday, January 31st, 2013
A regular meeting of the Board of Directors of the JSC TATNEFT, chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan (Republic of Tatarstan) on January 30, 2013.
The Board of Directors reviewed the budget execution of the JSC TATNEFT for the year 2013 and approved the budget for February of the current year.
Information the implementation of the Ashalchinskoye extra-viscous oil field development business project for the period though 2030 was presented to the Board of Directors. The project envisages drilling 10 horizontal wells pairs drilling annually at Ashalchinskoye structure. The daily production rate of the extra-viscous oil from 11 well pairs is over 270 tons today.
The Board of Directors discussed a number of issues related to the preparation of the Annual General Meeting of the Joint Stock Company Shareholders on the results of operation in 2012.
The Board of Directors also considered a number of other issues of the JSC TATNEFT activity
Thursday, January 17th, 2013
The Extraordinary Meeting of Shareholders of JSOC Bashneft convened today in Ufa made a decision to increase the number of members of the Company’s Board of Directors from 10 to 12 and elected a new Board membership which includes the following persons:
- Vitaliy Artuykhov
- Alexey Buyanov
- Charles Watson
- Randall Gossen
- Peter Jacob Goedvolk
- Alexander Goncharuk
- Mikhail Gutseriev
- Sergey Drozdov
- Felix Evtushenkov
- Alexander Korsik
- Yury Pustovgarov
- Mikhail Cherniy
Thus, the number of independent directors on Bashneft’s Board increased, in accordance with best corporate governance practices.
At the meeting of the Board of Directors held after the Meeting of Shareholders, Felix Evtushenkov was elected Chairman of the Board.
The Board of Directors also approved the membership of the Health, Safety and Environment Committee (chaired by Randall Gossen), the Strategy Committee (chaired by Mikhail Cherniy), the Nominating and Compensation Committee (chaired by Alexander Goncharuk), the Budget and Audit Committee (chaired by Alexey Buyanov), and the Corporate Conduct Committee (chaired by Sergey Drozdov).
The Meeting of Shareholders also approved a new version of JSOC Bashneft’s Charter, which includes amendments related to redistribution of authority between the Board of Directors and the management after the Company’s reorganization was completed. The amendments made to the Charter will enable Bashneft’s Board of Directors to focus on making decisions on the key strategic issues related to the Company’s operations and its legal obligations, while additional authority will be delegated to the management.
Friday, December 21st, 2012
The Gazprom Board of Directors approved the Company’s activities to arrange pre-development of the Chayandinskoye and Kovyktinskoye fields and took notice of the information regarding their development prospects.
The Management Committee was tasked to inform the Board of Directors on the interim results of these activities in the fourth quarter of 2013.
Wednesday, December 5th, 2012
The Board of Directors took notice of the information regarding the expenditures of Gazprom and its subsidiaries.
It was noted that in the previous two years Gazprom had been one of the world’s leading companies by net profit and that it was a leader among the international oil and gas majors by profitability.
Practical application of the price formula for pipe products in the first half of 2012 enabled maintaining the pipe prices in the said period at the level of 2011. In the second half of the year the prices decreased by 3 to 4 per cent
The results have been achieved due to the sales growth outrunning the expenditures, taking into account that the Company maintains close control over the operating expenditures. If the factor of an increasing severance tax on subsurface resources production is left out, the growth in the prime cost of gas production between 2009 and 2012 makes up 16 per cent, and in the prime cost of gas transmission net of the purchase cost of process gas – 10 per cent. Meanwhile, the inflation rate in the industry over the said period is estimated at 37 per cent according to the industrial product price growth indices calculated by the Russian Ministry of Economic Development.
The success achieved in control over the expenditures growth rates is to a great extent due to the comprehensive approach taken by Gazprom to expenditures reduction issues, including cost optimization at the budgeting stage, compilation and execution of the cost reduction program, implementation of cost optimization plans in various businesses.
A focus here is placed on restraining the growth in purchase prices for services, materials and equipment, including pipe products. In late 2011 Gazprom and Russian pipe manufacturers agreed on a price formula to be used when making contracts for pipe products supply, primarily large-diameter pipes. Since the first half of 2012 the formula has been applied in practice, enabling to maintain the pipe prices in the said period at the level of 2011. In the second half of the year the prices decreased by 3 to 4 per cent.
An efficient way of costs reduction is the wide use of tenders when selecting suppliers and contractors. Thus, in the first half of 2012 competitive bidding procedures resulted in 5,157 contracts worth RUB 437.95 billion in total. The economic effect, that is the difference between the sum of limit prices and the sum of contracts, including the competitive purchases organization and arrangement costs, amounted to RUB 18.21 billion.
Monday, December 3rd, 2012
A regular meeting of the Board of Directors of JSC TATNEFT, chaired by RN Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk (Republic of Tatarstan) on November 30, 2012.
The meeting reviewed the budget execution of JSC TATNEFT during ten months of 2012, approved the budget for December and discussed the budget for 2013.
The information was presented to the Board of Directors on the key results of financial and economic activities of the Company. 19 million 456 thousand tons of crude oil were produced during nine months of this year, which is 0.3% more than the amount produced in the corresponding period of 2011 with the above-the-plan production in the amount of 444 thousand tons. The volume of associated petroleum gas amounted to 630 million cubic meters, which is 7.5% more than in the corresponding period of the last year.
The amount of 49.1 thousand tons of extra-viscous oil was produced at Ashalchinskoye field with an average daily production at the site amounting to 196.6 tons per day, while the cumulative production from this field since the beginning of development of the field amounted to 156 thousand tons.
The Company produced 226 thousand tons of crude oil outside the Republic of Tatarstan, which was 17.3% more than during the same period of 2011.
The gross proceeds from the sale of products shipped amounted to 412 billion rubles, while the net revenues (excluding VAT and export duties) increased by 13% compared to the same period of the previous year and amounted to 259.6 billion rubles. The financial and economic activities of the Company resulted in gaining 72 billion rubles of before tax profit with the net income amounting to 56 billion rubles.
The Board of Directors considered the innovation program in the subsurface management. The main directions for stabilization of crude oil production are large-scale implementation of innovative technologies and growth of the horizontal drilling volumes.
The Board of Director discussed the progress of the investment program implementation for crude oil production in the current year and the investment program for 2013.
The Board of Directors also considered a number of other issues of JSC TATNEFT activities.
Wednesday, November 28th, 2012
The Board of Directors of Alliance Oil Company Ltd has decided to convene a Special General Meeting of shareholders. The meeting will be held on December 14, 2012 at 13.00 (CET) at the head office of Carnegie Investment Bank, Regeringsgatan 56, Stockholm, Sweden. The premises will open at 12.00 (CET).
The board is proposing that the EGM should resolve to authorize the Board of Directors to issue preference shares and resolve on payment of dividend on preference shares as well as resolve on amendment of current bye-laws.
Thursday, November 22nd, 2012
A meeting of the Rosneft board of directors was held on November 20. Rosneft’s official statement on the agenda can be found here:
Information on decisions taken by the BoD will be provided in due course.
Wednesday, November 14th, 2012
Integra Group (LSE: INTE) announces that Elena Kim, Integra’s Chief Financial Officer, has been elected a member of the Group’s Board of Directors effective from 13 November. She has filled the vacancy created by the resignation of Mr. Kennedy effective yesterday.
The Board’s appointment of Mrs. Kim to the Board of Directors will be subject to re-election at the shareholders’ meeting in 2014 when Mr. Kennedy would have been re-elected.
Mrs. Kim has been Integra’s Chief Financial Officer since April 2012. Previously she was Integra’s Vice President for Reporting and Taxation since 2006. Prior to joining Integra, Mrs. Kim worked for TNK-BP where she held the position of Audit Manager of the Corporate Audit Department.
Commenting on Mrs. Kim’s election and Mr. Kennedy’s resignation, Integra’s Board Chairman John Fitzgibbons said:
We are pleased to welcome Elena to the Board. Her extensive experience at Integra in various executive roles will make her a valuable addition to Integra’s board of directors. We are grateful to John Kennedy for his contribution to the Board since 2005 and wish him success in his future endeavors.
Biography of Elena Kim:
Elena Kim, 35, was appointed Integra’s Chief Financial Officer in April 2012. Previously she held a position of Vice President for Reporting and Taxation at Integra since 2006. Before joining Integra, from 2005 to 2006, Elena was an Audit Manager of the Corporate Audit Department at TNK-BP. Between 2001-2005, she held a senior position in the International Accounting Department at RUSAL Group. Mrs. Kim began her professional career at Arthur Anderson in 1998.
Elena Kim graduated from The Plekhanov Russian Academy of Economics in Moscow with a MSc degree (Honors) in Finance and holds a Degree of Master of Business Administration (Honors) from The University of Chicago Booth School of Business. She successfully passed ACCA exam in 2004.