LUKOIL'S PLAN: $50
LUKOIL - Thursday, December 14, 2017, The Board of Directors approved the mid-term development plan ('Key budget indicators of the LUKOIL Group for 2018-2020').
The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
The Board of Directors also approved the Strategic Development Program of the LUKOIL Group for 2018-2027, which is aimed at balanced sustainable business development in the changing macro environment. The main priorities are strong investment discipline, conservative financial policy, cost control, increasing operating efficiency, sustainable dividends growth, minimization of environmental impact and ensuring labor health and safety.
The Board of Directors also approved the Regulation on the long term incentive program for key employees of LUKOIL group for 2018-2022, Annual Audit and Consulting Engagements Plan for the internal audit service of the Company in 2018. Amendments to the Director Compensation and Expense Reimbursement Policy and to the Procedure for the remuneration and reimbursement of expenses of members of the Board of Directors and Audit Commission of PJSC "LUKOIL" were also approved.
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FT - US shale oil companies have started to generate free cash thanks to the rise in crude prices, a landmark moment for an industry that has until now relied on an inflow of capital to support its growth.
WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.
IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures
IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.