LUKOIL Oil Company  

LUKOIL was formed in 1991 as a state concern, which combined three oil producers (Langepasneftegaz, Uraineftegaz, and Kogalymneftegaz) and two oil refineries (Permnefteorgsyntez and Volgograd Refinery). Today, LUKOIL is the leading vertically integrated oil company in Russia. The company’s main activities are oil and gas exploration and extraction, as well as refining and selling petroleum products. LUKOIL is the second largest private oil company worldwide by proven hydrocarbon reserves. The company’s proven reserves as of January 1, 2009 were 19.334 billion boe, consisting of 14.458 billion barrels of oil and 29.253 trillion cubic feet of gas. The company has around 1.1% of the global oil reserves and 2.3% of the global oil production. LUKOIL dominates the Russian oil and gas sector, with 18% of total Russian oil production and 19% of total Russian oil refining. LUKOIL has an outstanding portfolio of production assets. The main production region for LUKOIL Group is Western Siberia (about 41.8% of company reserves). LUKOIL is carrying out international exploration and production projects in Kazakhstan, Egypt, Azerbaijan, Uzbekistan, Saudi Arabia, Colombia, Venezuela, Cote d’Ivoire, Ghana and Iraq. With putting into operation the Nakhodkinskoye gas field in 2005 the company started its gas program which targets at a rapid growth of gas production in Russia and abroad and increase in the share of gas to a third of total hydrocarbon production by LUKOIL. The key regions for development of LUKOIL gas production are the Bolshekhetskaya Depression, the Northern Caspian and Tsentralno-Astrakhanskoye field in Russia as well as the Kandym – Khauzak – Shady project in Uzbekistan and the Shakh Deniz project in Azerbaijan. LUKOIL owns significant oil refining capacity both in Russia and abroad. In Russia the company owns four large refineries at Perm, Volgograd, Ukhta and Nizhny Novgorod. Total capacity of LUKOIL facilities in Russia is 44.7 mln tons of oil per year. LUKOIL also has refineries in Ukraine, Bulgaria, Romania and a 49% stake in ISAB refining complex (island of Sicily, Italy), with total capacity of 21.8 mln tons per year. At the beginning of 2009 the company's marketing network encompassed 25 countries, including Russia, the near-abroad and European countries (Azerbaijan, Belarus, Georgia, Moldova, Ukraine, Bulgaria, Hungary, Finland, Estonia, Latvia, Lithuania, Poland, Serbia, Montenegro, Romania, Macedonia, Cyprus, Turkey, Belgium, Luxemburg, Czech Republic, Slovakia and Croatia) as well as the USA and includes 204 tank farm facilities with total capacity of 3.06 million cubic meters as well as 6,748 filling stations, including franchises. In 2008 capital investments of LUKOIL amounted to USD 15 billion. In 2009 the company plans to invest about USD 6.5 billion. LUKOIL created a new business sector in 2008: Power Generation. Creation of the new business sector is a part of the company’s Strategic development program for 2008–2017. By the end of 2008, LUKOIL’s Power generation business sector included UGK TGK-8 (acquired during the year), the company’s own power generating facilities at oil & gas fields and also a number of power generators in Bulgaria, Romania and Ukraine. The company has ratings by Standard & Poor's (BBB-), Fitch Rating (BBB-) and Moody’s Investors Service (Baa2).

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