OREANDA-NEWS. February 3, 2012. The LUKOIL Press Service would like to announce that as of 1 February of 2012 the wages and salaries of employees of LUKOIL Group’s organizations within Russia will be adjusted by 6.1% on average.

The decision is aimed at raising the real content of the earnings in view of the inflationary developments.

LUKOIL is the second largest private oil Company worldwide by proven hydrocarbon reserves. The Company has around 1% of global oil reserves and 2.4% of global oil production. LUKOIL dominates the Russian energy sector, with 18.6% of total Russian oil production and 18.9% of total Russian oil refining.

LUKOIL proven reserves at the beginning of 2010 were 13,696 mln barrels of crude oil and 22,850 bcf of natural gas, totaling 17,504 mln boe.

LUKOIL has an outstanding portfolio of production assets. The main production region for LUKOIL Group is Western Siberia. LUKOIL is carrying out international exploration and production projects in Kazakhstan, Egypt, Azerbaijan, Uzbekistan, Saudi Arabia, Colombia, Venezuela, Cote d’Ivoire, Ghana and Iraq.