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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pjsc Lukoil | LSE:LKOH | London | Ordinary Share | RU0009024277 | ORD RUB0.025 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 56.2184 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMLKOD
RNS Number : 2547R
PJSC LukOil
26 June 2020
PJSC LUKOIL
LEI 549300LCJ1UJXHYBWI24
Report on Payments to Governments for the year 2019
Moscow
June 2020
Underlying Principles
1.1 Regulation and Scope of the Report
This consolidated report on payments to governments (hereinafter, the "Report") was prepared by PJSC LUKOIL pursuant to Cl. 4.3 of the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority in relation to the minerals exploration, development and production activities (hereinafter, the "extractive activities"). This Report includes the payments made during the financial year ended at 31 December 2019 in favor of the governments only on behalf of the LUKOIL Group companies (hereinafter, "the Group") (see Section 1.5 hereof) that conduct extractive activities, and does not include the payments made by the LUKOIL Group companies that do not conduct such activities.
The Report contains the following:
) information on all the respective payments the Group is responsible for made by the Group companies to the governments;
b) information on all the respective payments to the governments, if a Group company participates in the project as the operator.
Should the respective payments be made by the third party operator, such payments are not included in the Report.
The Report is based on the provision that the extractive activities will be ceased as the resource (for instance, oil) is transported from the extraction point to the immediate sales point (or the place where it can be marketed for the first time). Thus, export or transportation of oil, gas or other minerals is not covered by the Report requirements.
1.2 Currency of the Report
The presentation currency of the Report, as well as that of PJSC LUKOIL's consolidated financial statements prepared in accordance with the International Financial Reporting Standards (hereinafter, "IFRS") is the Russian ruble. The financial values presented in the Russian rubles were rounded to the nearest million.
The payments in foreign currencies were translated into the Russian rubles at the annual average exchange rate.
1.3 Terms: Government
For the purposes of the Report the term "government" means any national, federal and local authorities, ministries and agencies authorized to collect taxes, budgetary and other payments pursuant to the applicable laws in effect as of the time a contribution or payment becomes due. In the context of this Report the governments also include organizations, commercial enterprises and other legal entities authorized to collect taxes, charges and other payments in favor of the governments.
1.4 Terms: Payment
The Report includes all direct, indirect and non-monetary (in kind) forms of payments made to the governments.
For the purposes of this Report "payment" includes:
a) Taxes levied on income, production or profit of the company (mineral extraction tax; profit tax, including the profit tax paid by PJSC LUKOIL for its production subsidiaries as part of the consolidated taxpayers' group; property tax; water tax; land tax; transport tax; social security taxes and contributions to governmental non-budgetary funds; regular subsoil use payments), except for those stated in point ( h) below. Tax payments are reported net of refunds;
b) Royalties ;
c) License fees, rental fees, entry fees and other considerations for licenses or concessions;
d) Signature, discovery and production bonuses;
e) Production entitlements of the government or its representative (mainly, host government's share of production in the reporting period derived from production sharing agreements);
f) Dividends (other than those specified in paragraph (j) below);
g) Payments for infrastructure improvement (e.g. road, bridge etc.) which are not substantially dedicated for the use of extractive activities.
For the purposes of this Report the following payments are not considered payments to the governments:
h) Taxes on turnover (VAT, sales tax) or withholding taxes deducted from the source by an entity acting as a tax agent (personal income tax);
i) Fines and penalties on taxes paid to the budgets of different levels;
j) Dividends paid to the state shareholders (holders of shares) on the same terms as to the other shareholders;
k) Export duties or other payments related to minerals export and transportation;
l) Expenses on field infrastructure development as part of service contracts reimbursable by the government;
m) Payments made in return for services provided by the government;
n) Payments for infrastructure improvement which are of a social investment in nature (e.g. school or hospital).
No dividends (f) payments were made to the governments in 2019.
1.5 Companies covered by the Report
For the purposes hereof the Group companies are its directly or indirectly controlled subsidiaries, as well as the shares under the production sharing agreements and the joint operations consolidated proportionally to the Group's share in the assets, liabilities, income and expenditures, where the party representing PJSC LUKOIL is an operator of such joint operations. Should such Group company not be the operator, but make payments to the governments on its behalf, it is included in the Report, and the respective payments are specified. The affiliates, joint ventures and joint operations consolidated using an equity method are not covered by the Report.
This Report is provided with a breakdown into:
a) Jurisdictions in which the Group conducts extractive activities;
b) Projects implemented as part of extractive activities.
For the purposes of this Report, the "project" means:
a) A legal entity engaged in extractive activities in the Russian Federation. This definition of the project as related to the activities in the Russian Federation is based on the existing taxation regime focused on a legal entity rather than on a separate field. Pursuant to the effective tax laws of the Russian Federation, only the mineral extraction tax may be determined for a separate field. All other taxes relate to a legal entity as a whole and cannot be broken down by separate fields.
b) Extractive activities as part of a particular project, contract, license, agreement or another legally binding agreement relating to the production outside the Russian Federation pursuant to which a Group company is obliged to make payments to foreign state authorities.
Thus, the payments information related to the Russian Group companies is given with a breakdown into legal entities, while that related to foreign companies - with a breakdown into projects and jurisdictions.
If a Russian Group company conducts different operations (including extractive activities), while a portion of the tax liabilities immediately related to the above operations cannot be singled out, then the whole aggregate tax payment is included in the Report.
1.6 Materiality of the Amounts Included in the Report
For the purposes of this Report the list of payments includes the payments which exceed, individually or in aggregate, 7.1 million of Russian rubles (around 86,000.00 GBP) within one financial year. If the total amount paid to a certain country does not exceed the above threshold, the payments made to such country are not included in the Report.
Table 1. Distribution of payments per jurisdiction and oil and gas project
Hot Features
Premium
Mln RUB
Taxes Royalties License Government Infrastructure Bonuses Total
payments entitlement improvement
to a payments
portion of
minerals
extracted
========================== ====================== ========== ========= ============ =============== ======== =====================
Russia
OOO LUKOIL-Western
Siberia 429,945 - 1,224 - - - 431,169
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO LUKOIL-PERM 190,149 - 840 - - - 190,989
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO LUKOIL-Komi 180,308 - 628 - - - 180,936
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO RITEK 64,174 - 8,555 - - - 72,729
========================== ====================== ========== ========= ============ =============== ======== =====================
LUKOIL-Nizhnevolzhskneft 59,881 - - - - - 59,881
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO LUKOIL-AIK 19,777 - 9 - - - 19,786
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO UralOil 7,191 - 24 - - - 7,215
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO LUKOIL-KMN 6,289 - - - - - 6,289
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO TURSUNT 805 - - - - - 805
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO
LUKOIL-Primoryeneftegaz 49 - - - - - 49
========================== ====================== ========== ========= ============ =============== ======== =====================
OOO Yuzhno-Sardakovskoye 45 - - - - - 45
Uzbekistan
Khauzak-Kandym project 1,537 5,783 - 9,714 (1) - - 17,034
========================== ====================== ========== ========= ============ =============== ======== =====================
Gissar project 525 12,475 - 4,753 (2) - - 17,753
Kazakhstan
Zhenis project - - - - - 162 162
========================== ====================== ========== ========= ============ =============== ======== =====================
Karachaganak project 6,841 - - - - - 6,841
Egypt
WEEM project 623 (3) - - 2,352 (6) - - 2,975
========================== ====================== ========== ========= ============ =============== ======== =====================
WEEM Extension project 17 (4) - - 147 (7) - - 164
========================== ====================== ========== ========= ============ =============== ======== =====================
Meleiha project 830 (5) - - - - - 830
====================== ========== ========= ============ ========
Iraq
Block 10 project - - - - 937 - 937
========================== ====================== ========== ========= ============ =============== ======== =====================
West Qurna-2 project 2,775 - - - - - 2,775
Mexico
Block 12 project 37 - 29 - - - 66
========================== ====================== ========== ========= ============ =============== ======== =====================
Norway
LUKOIL Overseas North
Shelf AS (projects PL719
and PL858) (366) - - - - - (366)
========================== ====================== ========== ========= ============ =============== ======== =====================
PL 719 project - - 26 - - - 26
========== ========= ============ ========
The Republic of the Congo
Marine XII project 338 (8) 503 (9) - - - - 841
UAE
Gasha project - - 6,564 - - - 6,564
971,770 18,761
TOTAL (10) (11) 17,899 16,966 (12) 937 162 1,026,495
========================== ====================== ========== ========= ============ =============== ======== =====================
(1) Including the government's entitlement to a portion of minerals extracted in the amount equal to
the market price of 5,626 thousand barrels of oil equivalent.
(2) Including the government's entitlement to a portion of minerals extracted in the amount equal to
the market price of 3,366 thousand barrels of oil equivalent.
(3) Including payment in kind in the amount equal to the market price of 178 thousand barrels of oil
equivalent.
(4) Including payment in kind in the amount equal to the market price of 5 thousand barrels of oil
equivalent.
(5) Including payment in kind in the amount equal to the market price of 205 thousand barrels of oil
equivalent.
(6) Including the government's entitlement to a portion of minerals extracted in the amount equal to
the market price of 673 thousand barrels of oil equivalent.
(7) Including the government's entitlement to a portion of minerals extracted in the amount equal to
the market price of 41 thousand barrels of oil equivalent.
(8) Including payment in kind in the amount equal to the market price of 53 thousand barrels of oil
equivalent.
(9) Including payment in kind in the amount equal to the market price of 121 thousand barrels of oil
equivalent.
(10) The total amount includes payment in kind in the amount equal to the market price of 441 thousand
barrels of oil equivalent.
(11) The total amount includes payment in kind in the amount equal to the market price of 121 thousand
barrels of oil equivalent.
(12) The total amount includes the government's entitlement to a portion of minerals extracted in the
amount equal to the market price of 9,706 thousand barrels of oil equivalent.
Table 2. Distribution of payments in jurisdictions per government
Mln RUB
Taxes Royalties License Government Infrastructure Bonuses Total
payments entitlement improvement
to a portion payments
of minerals
extracted
============================= ======================== ========== =========== ============== ================= ======== ======================
Russia
Federal Tax Service of the
Russian Federation 958,116 - - - - - 958,116
Rosnedra (Federal Agency for
Subsoil Management) - - 9,349 - - - 9,349
============================= ======================== ========== =========== ============== ================= ======== ======================
Municipalities - - 742 - - - 742
============================= ======================== ========== =========== ============== ================= ======== ======================
Local land and property
administration
authorities - - 554 - - - 554
============================= ======================== ========== =========== ============== ================= ======== ======================
Ministry of Natural Resource
and Environmental
Protection
of Komi Republic - - 569 - - - 569
============================= ======================== ========== =========== ============== ================= ======== ======================
Pension Fund of the Russian
Federation 326 - - - - - 326
============================= ======================== ========== =========== ============== ================= ======== ======================
Social Insurance Fund of the
Russian Federation 171 - - - - - 171
============================= ======================== ========== =========== ============== ================= ======== ======================
Ministry of Natural Resource
and Environmental
Protection
of Perm Territory - - 66 - - - 66
============================= ======================== ========== =========== ============== ================= ======== ======================
Uzbekistan
Government of the Republic
of Uzbekistan - - - 13,046 (1) - - 13,046
============================= ======================== ========== =========== ============== ================= ======== ======================
State Tax Committee of the
Republic of Uzbekistan 2,062 18,258 - - - - 20,320
============================= ======================== ========== =========== ============== ================= ======== ======================
NHC Uzbekneftegaz - - - 1,421 (2) - - 1,421
Kazakhstan
State budget of the Republic
of Kazakhstan 6,841 - - - - 162 7,003
Egypt
To the government through
The Egyptian General
Petroleum 1,453
Corporation (EGPC) (3) - - 2,352 (5) - - 3,805
============================= ======================== ========== =========== ============== ================= ======== ======================
To the government through
Ganoub El Wadi Holding
Petroleum
Co (GANOPE) 17 (4) - - 147 (6) - - 164
------------------------ ---------- ----------- -------------- ----------------- --------
Iraq
Thiqar Oil Company - - - - 937 - 937
============================= ======================== ========== =========== ============== ================= ======== ======================
General Commission of Tax 2,775 - - - - - 2,775
Mexico
Fondo Mexicano del
Petróleo
para la Estabilización
y el Desarrollo - - 29 - - - 29
============================= ======================== ========== =========== ============== ================= ======== ======================
Servicio de
Administración
Tributaria 37 - - - - - 37
============================= ======================== ========== =========== ============== ================= ======== ======================
Norway
Norwegian Tax Administration (366) - - - - - (366)
============================= ======================== ========== =========== ============== ================= ======== ======================
Norwegian Petroleum
Directorate - - 26 - - - 26
The Republic of the Congo
Tresor Public 338 (7) 503 (8) - - - - 841
UAE
Supreme Petroleum Council - - 6,564 - - - 6,564
971,770 18,761 16,966
TOTAL (9) (10) 17,899 (11) 937 162 1,026,495
============================= ======================== ========== =========== ============== ================= ======== ======================
(1) Including the government's entitlement to a portion of minerals extracted in the amount equal to
the market price of 8,116 thousand barrels of oil equivalent.
(2) Including the government's entitlement to a portion of minerals extracted in the amount equal to
the market price of 876 thousand barrels of oil equivalent.
(3) Including payment in kind in the amount equal to the market price of 383 thousand barrels of oil
equivalent.
(4) Including payment in kind in the amount equal to the market price of 5 thousand barrels of oil
equivalent.
(5) Including the government's entitlement to a portion of minerals extracted in the amount equal to
the market price of 673 thousand barrels of oil equivalent.
(6) Including the government's entitlement to a portion of minerals extracted in the amount equal to
the market price of 41 thousand barrels of oil equivalent.
(7) Including payment in kind in the amount equal to the market price of 53 thousand barrels of oil
equivalent.
(8) Including payment in kind in the amount equal to the market price of 121 thousand barrels of oil
equivalent.
(9) The total amount includes payment in kind in the amount equal to the market price of 441 thousand
barrels of oil equivalent.
(10) The total amount includes payment in kind in the amount equal to the market price of 121 thousand
barrels of oil equivalent.
(11) The total amount includes the government's entitlement to a portion of minerals extracted in the
amount equal to the market price of 9,706 thousand barrels of oil equivalent.
PJSC LUKOIL Report on Payments to Governments for the year 2019 has been submitted to the National Storage Mechanism and is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
This Report can be also viewed at the Company's website at www.lukoil.com .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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June 26, 2020 07:50 ET (11:50 GMT)
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