LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting around 2% of the world's oil production and around 1% of the proved hydrocarbon reserves.
Each day they improve the quality of life for millions of consumers in over 100 countries around the globe through the supply of our products, power, and heat. They employ over 100,000 people who join their efforts and expertise to ensure the Company’s efficient development and secure its market leadership.
On November 25, 1991, the Government of the Russian Soviet Federal Socialist Republic issued Regulation No. 18 to create LangepasUrayKogalym (LUKOIL) oil industry group that consolidated three oil production enterprises of Kogalym, Langepas and Uray, as well as several refineries, including those in Perm and Volgograd.
The name LUKOIL was formed from the initial letters of the names of Langepas, Urai and Kogalym cities — home to the Company's major oil producing subsidiaries. The name was proposed by Ravil Maganov who was then director general of Langepasneftegaz.
Their corporate mission is to make the energy of natural resources serve the interests of mankind, to efficiently and responsibly develop the unique hydrocarbon fields entrusted to us by providing Company growth, the wellbeing of its employees and community at large.
STRATEGY OF BALANCED DEVELOPMENT
In 2017, the Board of Directors approved the Strategic Development Program of LUKOIL Group for 2018–2027. The updated strategy is focused on driving sustainable growth in key performance indicators and the Company’s progressive dividend policy in a conservative oil price scenario, while pursuing additional growth opportunities and distributions to shareholders in a more favorable environment.