№ 6 (June 2007)
More Personnel Changes for Lukoil as 3 VPs Retire
Russia’s largest private oil company Lukoil yesterday confirmed the resignation of 3 vice-presidents. This statement comes one week after the company expanded its Management Committee to 14 members.
The 3 outgoing vice-presidents are former head of corporate budget and investment department Anatoly Kozyrev, head of the geology and prospecting department Anatoly Novikov and Valery Golovushkin, formerly in charge of the supplies and sales department, as reported by Thomson Financial. Kozyrev, Golovushkin and Mandrik will be replaced by Gennady Fedotov, Valery Subbotin and Ilya Mandrik as heads of respective departments.
Lukoil’s official representative Dmitry Dolgov told AK&M news agency all 3 left the company because of their plans to retire. He also stated that head of the department of gas energy activity coordination Yuri Storozhev was also leaving the company due to retirement.
The recent events are seen as a continuation of the string of changes Lukoil has experienced over the past week. On Friday July 20th Lukol’s Board of Directors approved the new Management Committee, expanding it from 13 to 14 members. According to AK&M, the Board of Directors also introduced changes to the Regulations on long-term incentives for employees.
LUKOIL is one of the leading companies in the World and Russia’s largest private-owned oil company. LUKOIL petroleum products are sold in Russia, Eastern and Western Europe, CIS countries and the USA.
Lukoil has about 1.3% of global oil reserves and 2.3% of global oil production. Lukoil has established a significant presence in the Russian market accounting for 19% of total Russian oil production and 18% of total Russian oil refining.
Lukoil proven reserves at the beginning of 2007 were 15,927 million barrels of crude oil and 26,597 bcf of natural gas, totaling 20,360 million boe.