Lukoil Announces New Directors

LUKOIL has nominated emerging markets guru Mark Mobius and a leading ChevronTexaco executive to be independent directors.

LUKOIL said it would welcome the two men's presence as directors. Russian companies, once renowned for their bad treatment of shareholders, have in the last two years tried to clean up their corporate governance act.

``The board of directors of LUKOIL considers that if the company's shareholders support these candidacies then this will definitely reflect favorably on the development of the company's corporate governance,'' the company said.

As well as Mobius, the shareholders nominated Richard Matzke, a ChevronTexaco vice-president who is particularly involved in projects in the former Soviet Union LUKOIL said gaining the two as directors would boost company transparency and increase investor interest. It also said it had taken other measures such as a corporate code and the regular publication of accounts to international standards to improve its corporate governance standards.