LUKOIL company is a recognised leader in Russian petroleum market in the areas of the oil prospecting, extraction, refining and oil products marketing. It was established in 1991 by the merger of oil and gas companies in the West Siberian cities of Langepas, Ukraine, Kogalym and oil refineries in Perm, Volograd and Novoufimsk. Initial letters of the first three cities form the name of the company.
LUKOIL company is one of the biggest oil companies in the world in terms of its own oil resources and extraction volumes. The company’s operations are based on the principle of vertical integration “from the oil-well to the petrol station”. The company extracts, transports and processes oil; it is also engaged in wholesale and retail trade in oil products and lubricants.
The scope of the company’s operations spans beyond the Russia’s market and also extends to many foreign markets, including Azerbaijan, Kazakhstan, Turkmenistan, Iran, Iraq, Egypt, Algeria, Cyprus, Serbia, Romania, Bulgaria, Hungary, Baltic states, Belarus, Columbia, the USA and other countries. The company is growing continuously and its activities cover more and more geographical regions.
One of the underlying goals of the company is to increase production volume of oil products and to sell them in domestic and global markets.