Your global energy partner. Lukoil Oil Company Always moving forward

Transcription

1 Litasco Your global energy partner Lukoil Oil Company Always moving forward

2 Litasco Lukoil Oil Company Contents 02 Message from the ceo 04 Lukoil today 05 Lukoil in the world 10 Who we are 12 Your global energy partner 13 Activities and functions 14 Refining 18 Storage 20 Support functions 23 Shipping 24 Community commitment 25 Cultural sponsorships 26 Litasco international offices

3 02 03 Message from the CEO of LITASCO LITASCO SA was established in the year 2000 in Geneva as LUKOIL s exclusive trading arm. The company is a fully owned LUKOIL subsidiary. It has now been present in the global trading scene for over a decade. Today LITASCO is one of the world s major traders of crude oil and petroleum products. We operate on all continents, trade in more than 80 countries and our global business is conducted through offices in ten countries, extending our reach around the world from North America to Europe, from the Middle East to Central Asia and Far East Asia. The activities of LITASCO address several fields of operation : _ Marketing and trading of LUKOIL crude oil and petroleum products internationally. _ Supply and logistics optimization of crude oil and other feedstocks to LUKOIL refineries located outside of Russia. _ Supply of petroleum products overseas to the LUKOIL retail network throughout Europe, and the CIS countries. _ Management of all commercial operations related to the LUKOIL acquired interest in Zeeland Refinery, located in the Netherlands as well as the wholly owned ISAB refinery located in Sicily, Italy. These activities include, but are not limited to: supplying crude oil, selling petroleum products originating from the refineries, shipping and risk management. _ Entrepreneurial third party trading of crude oil and petroleum products through our global network of LITASCO trading offices. _ Optimization of LITASCO s fleet of vessels and chartering operations worldwide through LITASCO s subsidiary EIGER SHIPPING SA ensuring secure and cost efficient freight. Being part of the LUKOIL vertically-integrated oil company, we are primarily oriented towards regions that have a resource or customer base which creates synergy with LUKOIL businesses. This enables us to develop joint opportunities across organisational interfaces, group activities and individual trading strategies. LUKOIL downstream acquisitions in Western Europe organically fit in LITASCO s business strategy. This provides the opportunity of enhancing both crude supply and product off-take for LITASCO, in the immediate proximity of other European markets. It enables our company to have significant exposure to key strategic areas. LITASCO continues to expand into new geographies to further strengthen LUKOIL s global presence and develop into new product lines and activities, recently into bio-fuels, LPG and various blending components. In response to the increase in demand for clean transportation fuels in emerging markets, LITASCO is focusing on activities in markets such as Latin America, Africa, India and the Far East. LUKOIL s investment in Iraq and the production of the West Qurna-2 field is a significant development for LITASCO and we will be actively marketing this new stream to refiners worldwide. We enjoy the support from a pool of world class financial institutions. We constantly adapt and develop our financial trading strategies to match our substantial physical trading activities while monitoring with robust risk management controls. LITASCO is LUKOIL s window to the world. We will continue to grow our international business in terms of volumes and profitability, to support the LUKOIL system with the highest possible netback, to strengthen our third party trading business performance and also to actively extend our presence in key growth markets. Our people and teams worldwide strive to continuously meet the needs of our clients and make LITASCO s mark as a major contributor to the overall success and development of our parent company LUKOIL. Tim BULLOCK LITASCO SA CEO

4 04 05 Lukoil today _ 0.8% of world proven oil reserves _ 2.1% of world oil production _ 0.4% of world gas reserves _ 0.7% of world gas production _ 1.7% of world refining capacity _ 1.7% of world oil refinery throughput _ 14.6% of Russian oil reserves _ 16.3% of Russian oil production _ 15.9% of Russian oil refining capacity _ 16.7% of Russian refinery throughputs _ 14.5% of Russian crude oil export _ 16.3% of Russian petroleum product export LUKOIL in the world _ Lukoil does business in 38 countries worldwide _ Carries out geological exploration work in 11 countries _ Has proven oil reserves in 7 countries _ Has proven gas reserves in 5 countries _ Produces oil (or prepares for production) in 7 countries _ Produces gas in 4 countries _ Owns oil refineries in 5 countries (including ISAB and Zeeland Refineries) _ Owns petrochemical plants in 3 countries _ Retails petroleum products in 27 countries _ Tranships petroleum products in 2 countries LUKOIL rankings _ N 7 among 2013 top energy companies (Platts Global Energy Company Rankings) _ N 8 among publicly traded integrated oil companies worldwide (The Fortune Global-500 rating) _ N 64 among 2,000 largest companies worldwide (The Forbes 2000) _ N 2 among largest Russian oil companies Company securities are traded in 4 countries on stock exchanges and the OTC. Company securities are the second most liquid corporate stocks of foreign issuers traded on the London Stock Exchange (IOB system). LUKOIL Data published in 2013 LUKOIL Data published in 2013

5 06 07 Lukoil today LUKOIL is one of the world s leading vertically integrated oil & gas companies accounting for 2.2% of global output of crude oil and working in more than 38 countries worldwide. The main activities of the company are exploration and production of oil & gas, production of petroleum products and petrochemicals and marketing of these outputs. Most of the company s exploration and production activity is located in Russia and its main resource base is in Western Siberia. LUKOIL owns modern refineries, gas processing and petrochemical plants located in Russia, Europe and CIS countries. The company s production is marketed in Russia, Eastern and Western Europe, CIS countries and the United States. The strong position, which the company is in today, is the fruit of 20 years work to expand the reserve base, increasing business scale by seeking out and executing strategic transactions. LUKOIL s current oil export terminal infrastructure includes the unique Varandey oil loading terminal located on the coast of the Barents sea, equipped with an ice resistant loading sea terminal which is used for year-round deliveries of oil, produced locally by LUKOIL, for supply to export markets, notably the United States. LUKOIL business model is based on the company s control of the entire production chain from extraction of hydrocarbons to the sale of fuels and other products to end users. This means that LUKOIL can efficiently manage all stages of its business. Exploration & Production segment LUKOIL is implementing oil & gas exploration and production projects in 13 countries. Proven reserves as of December 31, 2012 were 17.3 billion barrels of oil. 90.6% of company s proven reserves and 89.8% of marketable hydrocarbon production are in Russia. The company is also taking part in exploration projects in 5 countries outside Russia. Most activity is concentrated in four federal districts of the Russian Federation: the North-West, the Volga, the Urals and the South. The company s main resource base and oil production region is Western Siberia which accounted for 44% of proven hydrocarbon reserves and 49% of LUKOIL s hydrocarbon production in International projects account for 9.4% of company s proven hydrocarbon reserves and 10.2% of marketable hydrocarbon production. Refining & Marketing segment Refining & marketing is LUKOIL s second major business segment. By developing this segment the company lowers its exposure to high price volatility on the crude oil market and enhances its competitive position in main business regions by production and sale of high-quality petroleum products with high added value. LUKOIL currently produces a wide range of high-quality petroleum and gas products and petrochemicals, selling them wholesale and via retail in over 30 countries. LUKOIL has oil refineries in 5 countries (including ISAB refinery complex and shares in the Zeeland Refinery). Overall capacity of LUKOIL Group refineries at the end of 2012 was 77.1 million tons of crude oil per year. The Company owns 4 oil refineries and 2 mini-refineries in Russia, as well as 4 gas-processing plants. The Company s Russian assets also include 2 petrochemical plants. Overall capacity of Russian oil refineries of LUKOIL Group at the end of 2012 was 45.7 million tons per year (335 million barrels per year). As of July 2012 all of LUKOIL s Russian refineries had switched to production of automotive gasoline that fully meets Euro-5 specifications. This enabled savings in 2012 on excise rates, which are differentiated according to fuel quality. Euro-5 gasoline ensures so-called clean exhaust, reducing emission of sulphur oxides and the products of incomplete combustion of aromatics (including the particularly dangerous carcinogen and mutagenic, benzopyrene). Power Generation sector Power Generation sector comprises all aspects of power generation, including delivery and marketing of electrical energy and of heat produced at power plants. The nucleus of the segment is the Russian power generating Company, UGK TGK-8, which was acquired by LUKOIL in 2008, but it also includes companies producing electricity and heat in Bulgaria, Romania and Ukraine. LUKOIL Group has power generating capacity of 4.0 GW. The Group s electricity output in 2012 totaled 15.4 billion kwh. Heat production in 2012 was 14.7 million Gcals. Innovation policy Innovation and the application of new technologies are among the main competitive strengths of LUKOIL. The Company s specialists both design new technologies and work to modernize existing technologies. Total Research and Development financing increased in 2012 and accounted for more than $157 million (comparing with more than $140 million in 2011). A project to create innovative technologies for improvement of oil recovery rates through integration of heat and gas methods was presented in 2012 in the framework of cooperation between RITEK and the Skolkovo Foundation. A RITEK subsidiary, RITEK-ITs, was set up for purposes of project implementation and became a participant of the Skolkovo Foundation in The Group continued to work closely in 2012 with the Russian Corporation of Nanotechnologies (RUSNANO) on commercialization of nanotechnologies with applications in the oil & gas industry. RITEK carried out joint work with RUSNANO during the accounting year on innovative developments for extraction of difficult reserves in Bazhenov formations. Testing of mini-gtl technologies was also carried out as part of R&D work on techniques for refining of associated petroleum gas into liquid hydrocarbons. LUKOIL Data published in 2013

6 LUKOIL today is one of the world s leading vertically integrated oil & gas companies. LUKOIL accounts for 2.2% of global output of crude oil and operates in more than 38 countries worldwide. The strong position, which the company is in today, is the fruit of 20 years work to expand the reserve base, increasing business scale by seeking out and executing strategic transactions.

7 10 11 Litasco Who we are LITASCO SA (LUKOIL International Trading and Supply Company) is the exclusive international marketing and trading company of LUKOIL. LITASCO has affiliates in Germany, Kazakhstan, Singapore, Sweden, the United Arab Emirates, the United States, the Netherlands as well as representative offices in China and in Russia. LITASCO is one of the world s major traders of crude oil and refined petroleum products and deals with more than two thousand suppliers and customers, including all of the world s major oil corporations. LUKOIL exploration and production Russia/International LUKOIL refining Russia In 2012, LITASCO traded over 36 million metric tons of crude oil and 79 million metric tons of petroleum products. The total volume of physical barrels handled in 2012 was over 2.35 million barrels per day. LUKOIL system volumes accounted for 44% of total transactions. Third party trading activity in 2012 represented 56% of the LITASCO s total activity. This activity allows LITASCO to increase the efficiency of LUKOIL s oil and petroleum products export and enables our parent company to further expand its international operations. LUKOIL marketing Russia LITASCO has implemented a Global Trading Book philosophy, synergizing all trading activities and generating strong added value in taking advantages of timely business opportunities worldwide. With our head office in Geneva, Switzerland, and our additional trading and business development offices worldwide, LITASCO manages LUKOIL s global crude oil and petroleum products supply, marketing and trading needs. Today LITASCO employs around 420 employees globally. In Geneva, 30 nationalities are represented and Swiss nationals account for around 30% of LITASCO s staff. Investment in the general growth and development of our staff is a key priority for our senior management. We focus on developing Employees potential and skills to achieve our business goals. Company mission LITASCO s mission is to maximize the value of LUKOIL s crude oil production and refined petroleum product exports by trading, shipping, storing and hedging. It is also our responsibility to ensure flexible and reliable supplies to LUKOIL s international assets. We fulfil our mission by taking a holistic view of our business from origination to the end user. In addition we build and implement strategies which under strict trading limits and controls allow us to capture the greatest value for our hydrocar bons in a constantly evolving market environment. Shipping Storage LITASCO adds value to lukoil barrels over and above the FOB value LUKOIL refining International Crude & Products Products Crude Products LITASCO International marketing supply and trading Handles logistics between Russian and international business units and markets Trades at own account LUKOIL marketing International Products LUKOIL points of sale Refinery gate LITASCO value add area Inland transportation Shore tanks Sea transport Delivery to end customer PETROTEL BURGAS ZEELAND ISAB International markets crude and products LUKOIL LITASCO Group 3 rd party trading

8 12 13 LITASCO your global energy partner Litasco activities and functions LITASCO GROUP International Offices and Focus of Operations Focus of operations Main markets served LITASCO SA Geneva Trading crude, products and petrochemicals Europe CIS Mediterranean North & West Africa Global arbitrage LUKOIL Pan Americas, LLC Trading crude and all products North, South and Central America Caribbean LUKOIL Benelux B.V. Fuel oil and marine fuels marketing ARA Baltic Far East US Europe LUKOIL Asia Pacific PTE LTD Trading crude and all products Singapore SE Asia LITASCO Middle East DMCC Trading all products Middle East India East & South Africa LUKOIL Hamburg GmbH Trading naphtha and condensate Africa Europe LUKOIL Sweden AB Shipping operations, demurrage Global for LITASCO/EIGER SHIPPING LITASCO SA Central Asia Branch Office Trading crude and all products Central Asia LITASCO SA Beijing Representative Office Representative services LITASCO SA Moscow Representative Office Representative services EIGER Shipping SA Shipping Global Export Marketing LITASCO is responsible for international trading and marketing of LUKOIL s crude oil and refined products. LITASCO takes delivery of LUKOIL system barrels at load port in the Arctic Sea, the Baltic Sea, the Black Sea and at the Western Pacific Ocean. Our international diversification will increase further when LITASCO starts taking delivery of oil in Iraq from the West Qurna-2 field. Traditionally, LITASCO sold and delivered oil and petroleum products to refiners and end users in the areas surrounding the port of loading. However, the dynamics of the markets are changing and today, LITASCO is increasingly supplying new markets such as Africa, North and Latin America as well as Far East Asia. System Supply LITASCO manages crude oil and other feedstock purchases and deliveries for LUKOIL s refineries in Bulgaria, Italy, the Netherlands and Romania. Our contribution to LUKOIL is based on providing the system refineries with the most optimal feedstock that matches the individual refinery configuration and processing needs based on ever-changing prevailing market conditions. The balancing of the crude and feedstock is both from LUKOIL s own barrels as well as from third parties, so as to achieve the best economic performance. International Trading LITASCO conducts international entrepreneurial trading (purchases and sales from/to third-parties) of crude oil and refined products from Geneva and our network of trading offices in Asia, Europe, the Middle East and America. Their function is to strengthen the presence of LITASCO while covering local and international businesses in order to accelerate our ongoing expansion into these markets. 14% 8% 13% 10% 16% 13% 18% % 18% % 18% % 21% 22% 22% Crude Fuel Oil Diesel Other Products Gasoline

9 14 15 Refining LITASCO expanded its activities, especially in Europe, after LUKOIL decided to invest into two refining assets outside Russia namely Italy and the Netherlands. LITASCO manages production planning crude oil and feedstock purchases (supply) and product sales. On behalf of LUKOIL refining and marketing operations in Eastern Europe (LUKOIL s Romanian and Bulgarian refineries), LITASCO also manages feedstock supply and product sales out of these assets. ISAB Refinery The refinery is located in the Southeastern part of the island of Sicily near the town of Priolo, Italy, in Augusta Bay and Saint Panagia Bay. The ISAB refinery complex is wholly owned by Lukoil. The ISAB refinery, with a Nelson complexity of 9.3, refines various crudes and straight run fuel oil. It is one of the largest refineries in the region and is well positioned to meet the growing middle distillate demand in Europe. The refinery comprises 2 sites, connected by a pipe-line system and integrated in a single refining unit with a total annual capacity of 16 million tons. The refining unit comprises a wide range of sophisticated refining processes such as fluid catalytic cracking, hydrockracking, visbreaking and solvent deasphaltisation. ISAB also includes three jetties, storage tanks with a total capacity of 3.5 million m 3, a 99 MW power generation plant and other related infrastructure. The refinery s advantageous location enables LUKOIL to develop its downstream operations in Western Europe and gives an opportunity to process crude produced by LUKOIL in Russia, Kazakstan, Iraq and other countries. Zeeland Refinery The refinery is located in the biggest oil refining and trading hub in Northwestern Europe, the ARA region (Amsterdam- Rotterdam-Antwerp). Zeeland Refinery has access to the MOT (Maasvlakte Oil Terminal) in Rotterdam, a vast infrastructure for crude oil, which has a 4 million tons capacity. In 2009, LUKOIL signed an agreement with TOTAL SA for acquisition of a 45% stake in the TRN Refinery. The refinery is one of Europe s top performing refineries financially and has a total capacity of 7.9 million tons per year. The refinery can process significant quantities of LUKOIL crude oils, straight-run fuel and VGO of Russian origin, as well as a wide variety of third-party crudes and feedstocks. This asset fits perfectly into LUKOIL s vertical integration strategy, processing the company s crude and feedstock, as well as supplying marketing activities in Benelux and Northern Europe.

10 LITASCO today is one of the world s major traders of crude oil and petroleum products on export markets and has established offices in 10 countries, extending its reach as LUKOIL s window to the world, from North America to Europe, from the Middle East to Central Asia and Far East Asia.

11 18 19 Storage In line with LITASCO strategy to develop its commercial activities globally and increase its presence in key oil markets, the LITASCO / MEROIL S.A. joint venture, known to the industry as MEROIL TANK S.A., has been operating since May 2012 in the Port of Barcelona. Furthermore, our strategic position in Barcelona is not only enabling local distribution business, but it is also enhancing our position in the West Mediterranean. It perfectly fits LITASCO s agenda to serve North and West African markets, which are key growth markets. The 353 thousand m 3 total storage capacity is a great addition to LITASCO portfolio thanks to its technical and logistical features and first of foremost, thanks to its location. A 275 meter jetty is in service in the port of Barcelona which enables it to receive the largest vessels operating in the Western Mediterranean Sea. With this asset, as well as the terminal s capability to handle biofuels, the impressive truck loading facilities and the connection to Spain s CLH distribution system, LITASCO is serving the Spanish market through MEROIL TANK S.A. Over the past years, our market share in the ARA (Amsterdam- Rotterdam-Antwerp) bunkering market has grown to more than 10% and we handle close to 5 million tons of fuel oil per year in this regional fuel oil market. Since 2008, we have been working to expand our STR terminal in the port of Rotterdam. Phase II is operational since March The existing 65 thousand m 3 capacity has been increased to 240 thousand m 3 and provide substantial savings through storage rationalization in this region. It has improved our competitive advantage in the market, as the draft has been increased by 2 meters to meters, allowing us to handle bigger ships at the jetty. This new logistical tool, coupled with our know-how in barging (we have 6 barges on time charter, ranging from 1700 to 6300 tons capacity), our commercial skills based in our Rotterdam office and our Geneva based trading capabilities, have undoubtedly supported our growth aspirations and have further established our footprint in this very competitive market.

12 20 21 Litasco support functions Global Risk Management LITASCO s global approach to risk and risk assessment is a priority in order to successfully conduct its business. The company rigorously manages risks in the fields of trading, operations & logistics, geopolitics, finance, IT systems and HR, amongst others, in compliance with relevant regulations. The company is subject to the Swiss Federal regulation regarding the existence and functioning of Internal Control Systems. LITASCO s compliance with this regulation is certified by external auditors. In the range of existing and perceived risks, particular attention is devoted to the management of price risk and credit risk. LITASCO has a full scale risk management department performing daily controls and analysis regarding price risk identification and measurement. All of our dealings are subject to strict internal controls and trading limits. Risk mitigation is performed by the Trading Department. Treasury Management Treasury covers and manages through a centralized department in Geneva, the various financial risks to which the company is exposed. The treasury is composed of four departments : Credit Risk & Credit Control, Cash Operations, Documentary Letter of Credit and Trade Finance. The company uses various techniques and innovative instruments to mitigate its exposure to the diverse treasury and financial risks which includes FX, operational, compliance and documentary risk. Credit Risk Management The conservative nature of LITASCO Credit Risk philosophy is reflected by its strategy of careful and thorough risk management. Centralized in the main LITASCO office in Geneva and part of the treasury department, the Credit Risk Management team is responsible for the analysis of counterparty risk and the establishment of acceptable risk levels. The company s risk appetite is decided by the Credit Risk Management Committee comprised of LITASCO s top management. Through the monitoring of every transaction concluded across the LITASCO Group, specific attention is given to minimizing the credit risk exposure. Furthermore, world events are closely monitored and immediate action is taken to mitigate credit risk in the event of geopolitical instability. Finally, the Credit Risk Management team works closely with our trading counterparts to negotiate open credit lines for LITASCO. General Terms and Conditions LITASCO, as a major participant in the oil trading market has implemented its own General Terms and Conditions (GT&C s). The updated 2014 edition of LITASCO GT&C s, reflecting current trading practices, has been implemented on the market. It contains modifications and upgrades experienced by the company and the industry since 2007, when the first edition of LITASCO GT&C s was issued. Price Risk Management LITASCO is exposed to market price risk ; as such risk-taking is inherent to the nature of the oil trading business. LITASCO s risk management policies aims to systematically maintain price risk at acceptable levels by closely monitoring and managing trading activity. Risk mitigation is pursued through carefully structuring physical deals and actively transferring risk to third parties. Like most other trading companies, price risk transfer is achieved with hedging strategies. Those strategies allow us to manage exposure to price fluctuations by using exchange traded and over-the-counter energy financial derivatives. Source of Funding LITASCO benefits from internal financing from LUKOIL as well as from external funding sources provided by major financial institutions. These lines of credit are designed to provide long term support to our transactional operations as well as to our structured commodity operations. We focus on flexibility and cost-efficiency in all our financing decisions. In addition, LITASCO was the first subsidiary of LUKOIL to integrate its global cash management operations. Systems and Reporting In line with LUKOIL strategy, LITASCO implemented SAP Enterprise Resource Planning (ERP) system, becoming one of the first subsidiaries in the group to deploy it. SAP ERP platform is used to integrate back office accounting and collect data for US GAAP and statutory reporting. Another dedicated system serves for front and middle office that allows us to follow our trading positions as well as carry out the real time risk management functions. SAP Business Information Warehouse, SAP Business Planning and Consolidation and SAP BusinessObjects are the three pillars of LITASCO management and US GAAP reporting.

13 23 Shipping EIGER SHIPPING SA, a wholly owned subsidiary of LITASCO is based in Geneva, Switzerland. EIGER SHIPPING operates 20 time-chartered vessels of approximately 750,000 DWT in total. Through vessel and cargo optimization, EIGER SHIPPING ensures secure and cost efficient freight for all of LITASCO Group s cargoes worldwide. Our shipping staff works closely with LITASCO s trading teams securing the appropriate tonnage in order to meet trading requirements. During 2013, 60 million metric tons of oil and oil products have been shipped, predominantly for the LITASCO Group, but also for other major market participants. EIGER SHIPPING fleet consists of double hull vessels with an average age of 5 years. Vessel sizes range from 5,000 DWT LPG carriers to 115,000 DWT Aframaxes. All vessels chartered to LITASCO Group by EIGER SHIPPING are subject to LUKOIL s OCIMF SIRE* vetting standards. *The Oil Companies International Marine Forum Ship Inspection Report Programme EIGER SHIPPING ensures secure and cost efficient freight for all of LITASCO s cargoes worldwide.

14 24 25 Community commitment Cultural sponsorships Since LITASCO s founding in 2000, we have always focused on becoming active members of key local industry associations and business networks. LITASCO is one of the founding members of GTSA (Geneva Trading & Shipping Association). GTSA is the main commodity trading association in Switzerland, created in 2006 by companies and banks active in the sector. GTSA counting more than 80 members develops and maintains close contacts with the Geneva State Council and the Swiss Federal Authorities. With GTSA, LITASCO is highly involved in the locally created Oil Industry Educational Programs provided by Geneva University, including the Master of Arts in International Trading, Commodity Finance and Shipping and the Diploma of Advanced Studies in Commodity trading. We also have partnerships and support other Oil Industry educational programmes from internationally renowned business institutes such as HES-HEG Geneva Business school, which offers a Commodity Trading Major program. LITASCO Top Management and specialists regularly appear as speakers or lecturers in these programs which also allow us to identify talented and high potential Human Resources in a local and competitive environment. LITASCO is an active member of GEM (Groupement des Entreprises Multinationales), a non-political, non-profit-making association affiliated to the FER (Fédération des Entreprises Romandes, Genève). GEM, with more than 80 members, is a high level network of multinational companies, which aims to develop, promote, represent and maintain relationships with different stakeholders, including local authorities as well as to defend the common interests of its members. LITASCO is member of the Geneva Chamber of Commerce, Industry and Services known as CCIG (Chambre de Commerce, d Industrie et des Services de Genève), which is a private and independent organisation grouping more than 2000 member companies of all sizes with the mission of representing their interests, sustaining their long term activities and promoting a strong economy. LITASCO aims to play an active role in the community in which we work. This commitment is reflected in our long term partnership with renowned local institutions. Since 2000, LITASCO has been proud to partner with the Geneva Chamber Orchestra, a first rank orchestra which has carved a unique position in the musical landscape surrounding the Lake Leman, through its development of a highly personal sound identity based on the historical interpretation of the works in its original baroque repertoire. LITASCO is represented as a member of the Foundation Council of the Geneva Chamber Orchestra and supports its further growth and development. Together with the Geneva Chamber Orchestra LITASCO is participating in extraordinary musical events such as the now traditional Christmas Concerts. LITASCO is also member and supports the Fondation pour Genève founded in The Foundation plays the role of a real public service and is committed to providing various kinds of support in specific areas to the Geneva authorities in the context of the international development of the city. The Fondation pour Genève creates, promotes, coordinates and supports initiatives that perpetuate Geneva s traditions of hospitality and openness to the world. It proactively supports all initiatives that maintain and enhance the reputation of Geneva for humanism as well as its leading position among the large international cities.

15 26 LITASCO Group International Offices HEAD Office LITASCO SA 9, rue du Conseil General 1205 Geneva Switzerland T LITASCO Group Companies LUKOIL Pan Americas, LLC 1095 Avenue of the Americas 33 rd Floor New York, NY USA T LUKOIL Benelux B.V. Wilhelminakade 85, 3072 AP Rotterdam P.O. Box 24065, 3007 DB Rotterdam Rotterdam Netherlands T LUKOIL ASIA PACIFIC PTE LTD 65, Chulia Street, # OCBC Centre Singapore Singapore T LUKOIL Hamburg GmbH Grimm 8 D Hamburg Germany T LUKOIL Pan Americas, LLC Houston Branch Office 3700 Buffalo Speedway, Suite Houston, TX USA T LITASCO Middle East DMCC Almas Tower, 18-C Jumeirah Lake Towers PO Box Dubai United Arab Emirates T LUKOIL Sweden AB Sveavägen 64, Stockholm PO Box Stockholm Sweden T LITASCO SA Central Asia Branch Office 17, av. Kabanbay Batyr, Yessil district Astana Kazakhstan T LITASCO SA Representative Offices LITASCO SA Representative Office Moscow Bolshaya Ordynka, 1, 2 nd, Floor, Office Moscow Russian Federation T LITASCO SA Representative Office Beijing Beijing Kerry Center, North Tower Unit 506 No. 1 Guang Hua Road, Chaoyang District Beijing PRC T LITASCO SA Company EIGER SHIPPING SA 9, rue du Conseil General 1205 Geneva Switzerland T

16 Litasco Your global energy partner Lukoil Oil Company Always moving forward

17 LITASCO SA 9, rue du Conseil General 1205 Geneva Switzerland T. +41 (0) Published January 2014