LUKOIL 25 YEARS OF OPERATIONS
For 25 years, LUKOIL has been one of the world’s leading companies for crude oil and gas production, and their refinement into petroleum products and petrochemicals. Lukoil is one of the major international oil and gas companies that accounts for more than 2% of the world’s oil production and around 1% of the proven hydrocarbon reserves. The Russian Federation accounts for 88% of hydrocarbon reserves and 83% of hydrocarbon production, with the main activities concentrated in four federal districts, including the Northwestern, Volga, Urals and Southern Federal Districts. The group’s companies operate in 35 countries on 4 continents. It purchased Getty Oil in 2000 and rebranded its U.S. stations as Lukoil – In 2008 the Akpet distribution company in Turkey was acquired and in 2014, Lukoil opened a large oil field in Iraq, West Qurna-2. The field’s production is 120,000 barrels per day and is estimated to reach 1.2 million barrels per day.
Lukoil was formed in 1991 when three state-run, western Siberian companies named after the respective town in Khanty–Mansi Autonomous Okrug that each was based, Langepasneftegaz, Urayneftegaz, and Kogalymneftegaz, merged. The initials of the three companies are preserved in the name Lukoil. The central figure in the company’s founding was the Soviet deputy minister of oil production Vagit Alekperov. He came to believe the only way Russians could compete against western companies was to copy their business model. That meant vertically integrating the three branches of the industry – exploration, refining, and distribution – that were strictly separate under the old Soviet system. Lukoil became the first company to begin offering shares of stock on the new Russian Trading System, in 1994. (Source: Lukoil)
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