RusEnergy

MOSCOW, January 24 (RIA Novosti) - ConocoPhillips has put its man, Kevin Meyers, in charge of Russia/Caspian region, on LUKoil's board of directors. The decision was adopted at the company's extraordinary shareholders meeting on Monday, reads LUKoil's press release. The meeting was convened by the holders of the minimum of 10% of voting shares. The meeting approved the composition of LUKoil's 11-member board of directors. It also approved the amendments to the company's charter, which give greater weight to minority shareholders in discussing major deals involving LUKoil assets. Valery Graifer, the RITEK General Director, was elected Chairman of the Board of Directors. On September 29, 2004, ConocoPhillips won the auction for 7.59% of LUKoil shares that had been owned by the state. The company bought the package for $1.988 billion. Seeking to be proportionately represented at the board of directors, ConocoPhillips intends to announce a tender to purchase another 2.4% of LUKoil shares in the free market. Mr. Meyers said at a news conference that ConocoPhillips intended to increase its stock at LUKoil to 20%. We have the right to augment our stock to 20% and we will do that, he said. Mr. Meyers said he could not disclose how fast the company intended to achieve that, and added that would depend on a market situation. LUKoil Vice-President Leonid Fedun told the news conference that LUKoil did not plan to acquire YUKOS-Samaraneft shares. He thereby responded to the rumors about LUKoil's interest in that asset of YUKOS'. "This issue has not even been discussed," said Mr. Fedun. He added he had not known whether the company was on sale.