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1920px-Lukoil logo

Location: Moscow, Moscow Oblast, Russia

Founder: Vahit Alekperov

Founded: November 25, 1991

Key People:

Vadim Vorobyov (President & CEO)

Leonid Fedun (Vice President)

Employees: 101,000

More About The Manufacturer:[]

In 1995, Lukoil controlled the stakes of nine oil-producing, marketing and service enterprises in Western Siberia, the Urals, and Volgograd Oblast in order to abide by Government Decree No. 861 of September 1, 1995. In the same year, a 5% stake of Lukoil was sold by the state with a minimum excess of the starting price in an auction. In November 1995, Lukoil filed with the U.S. Securities and Exchange Commission to issue American depositary receipts on Western stock markets. This allowed United States investors for the first time, to be able to buy shares in a Russian company.

In 2000, Lukoil acquired the distribution and marketing operations of American oil company Getty Oil. This resulted in the control of a network of gas stations in the United States as well as the first time Lukoil enters the American oil market.

In September 2004, ConocoPhillips purchased a 7.6% stake in Lukoil for about $2 billion. According to some commentators, the sale of this deal was planned before in a personal meeting between Russian President Vladimir Putin and ConocoPhillips' president and CEO, James Mulva. After the auction, Lukoil and ConocoPhillips announced the creation of a strategic alliance. Later, the American company increased its stake to 20% in Lukoil and sold to the Russian company part of its network of gas stations in the United States and Western Europe. The two oil companies also agreed to jointly develop an oil and gas field in the northern Timan-Pechora area of Russia (Komi Republic) and intended to secure the rights to develop the West Qurna Field in Iraq, one of the country's largest.

In 2007, Lukoil established a joint-venture with Gazprom and in 2008, established a joint-venture as well with Italian oil company ERG S.p.A.. In 2009, Lukoil and Norwegian oil company Statoil won a tender offer for the development of the West Qurna Field in Iraq. However, in early 2012, Statoil withdrew from the project, resulting in Lukoil consolidating 75% of development of the oil field.

From 2010 to February 2011, ConocoPhillips sold its whole 20% stake in Lukoil due to its difficult financial situation.

In September 2012, Lukoil created a shared service centre in the Czech Republic to provide accounting services to its subsidiaries in Belgium, Poland, and Bulgaria. In December 2012, Lukoil bought the Imilor field for ₽50.8 billion in the Khanty-Mansi Autonomous Okrug to explore and develop the hydrocarbon deposits located there.

In February 2013, Lukoil sold the Odessa Oil Refinery to the Ukrainian "East European Fuel and Energy Company" (VETEK). For Lukoil, the oil refinery was unprofitable when production was stopped as early as October 2010 and the refinery finally closed in the summer of 2013. In April 2013, Lukoil agreed to buy Hess Corporation's Russian unit for $2.05 billion. The company has also been involved in various motorsports and other racing series making them a known racing brand in iRacing and also the real world.

In 2014, the company faced a sharp decline in retail sales in Ukraine by 42%, caused by Russian intervention in Ukraine. As a result, the management of Lukoil agreed to sell 100% of its subsidiary Lukoil Ukraine to the Austrian company AMIC Energy Management, which was announced at the end of July 2014.

In 2014, Lukoil sold its service stations in the Czech Republic, Slovakia, and Hungary.

In 2015, it sold its service stations in Estonia and Ukraine, and in 2016, it sold its service stations in Latvia, Lithuania, Poland, and Cyprus.

In March 2022, Lukoil's market stock price dropped 95 percent, as a result of international sanctions during the 2022 Russian invasion of Ukraine.

On 21 April 2022, Lukoil issued a statement saying that president Vagit Alekperov had stepped down and resigned from the board of directors after 29 years.

The Norway state-owned oil company Equinor exited the last of their joint ventures in Russia by withdrawing the joint venture with Lukoil and exiting the Kharyaga project on 2 September 2022.

In 2023 Lukoil is planning to double the production of oil from the Iraq project, West Qurna Field 2, to 800,000 bpd.

Lukoil has been titular sponsor of FC Spartak Moscow since 2000. In August 2022, the company acquired ownership of the club (100% of the shares) along with the Otkritie Arena stadium.

In particular, the company sponsors the Volgograd water polo club Lukoil-Spartak. Lukoil also sponsors the Russian Olympic Committee and is one of the founders of the Russian Olympians Support Fund. In February 2014, Lukoil signed an agreement with the government of Arkhangelsk Oblast about supporting Vodnik.

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