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Concept
Lukoil
Summary
The PJSC Lukoil Oil Company (Лукойл stylized as LUKOIL or ЛУКОЙЛ in Cyrillic script) is a Russian multinational energy corporation headquartered in Moscow, specializing in the business of extraction, production, transport, and sale of petroleum, natural gas, petroleum products, and electricity. It 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 in, Langepasneftegaz, Urayneftegaz, and Kogalymneftegaz, merged. Its name is the combination of the acronym LUK (initials of the oil-producing cities of Langepas, Uray, Kogalym) and the English word "oil".
Lukoil is the second largest company in Russia after Gazprom, and the country's largest non-state enterprise in terms of revenue, with ₽4,744 billion in 2018. In the 2020 Forbes Global 2000, Lukoil was ranked as the 99th-largest public company in the world. Internationally, it is one of the largest global producers of crude oil. In 2019, the company produced 87.488 million metric tons of oil (1.639 million barrels per day) and 35.046 billion cubic meters of natural gas. , the company had operations and subsidiaries in more than 30 countries around the world.
"Langepas, Uray, and Kogalym" oil (Lukoil) was established by the USSR Council of Ministers Decree No. 18 on November 25, 1991, as a state-owned enterprise. In the new company, three oil production companies, Langepasneftegaz, Uraineftegaz, and Kogalymneftegaz, processing company Permnefteorgsintez, and the Volgograd and Novosibirsk refineries, were merged (the latter soon came under the control of the authorities of Bashkortostan).
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.
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