Short Bio
With its headquarters in Moscow, the PJSC Lukoil Oil Company is a Russian international energy company that specialises in the extraction, production, transportation, and retail of petroleum, natural gas, petroleum products, and electricity.
Vagit Alekperov started the worldwide energy company Lukoil in 1991. One of the world’s biggest vertically integrated oil businesses, it. The business, which has its headquarters in Moscow, Russia, engages in the exploration, production, refining, and sale of oil and gas.
Overview
Company Name: | Lukoil |
Also Know as: | Lukoil Oil Company |
Type: | Public |
Industry: | Lukoil Oil Company |
Founded: | 1991 |
Founders: | Vagit Alekperov |
Headquarters: | Moscow, Russia |
Area Served: | Global |
Revenue: | $89.7 billion (2020) |
Net Income: | $4.6 billion (2020) |
Number of Employees | Over 110,000 |
Website: | Lukoil |
History
Located in Moscow, Russia, Lukoil is a global energy company that is also known as Lukoil Oil Company. As a result of the Soviet Union’s oil industry being restructured, it was established in 1991. The organization’s origins may be found in Langepas-Uray-Kogalymneft, which was founded in 1991 and later renamed Lukoil.
Rapid growth made Lukoil a significant force in the Russian oil and gas sector. The company expanded both domestically and worldwide while implementing cutting-edge management techniques under the direction of its founder, Vagit Alekperov. One of the biggest vertically integrated oil businesses in the world, Lukoil has expanded over the years.
Services
Exploration, production, refinement, and sale of oil and gas products make up the bulk of Lukoil’s activities. Across the whole value chain, from upstream exploration and production to downstream refining and distribution, the corporation is in operation. Petroleum products like as petrol, diesel, jet fuel, lubricants, and petrochemicals are produced by Lukoil through the exploration, development, and production of oil and gas fields.
Additionally, Lukoil maintains a network of retail petrol stations where it sells its products to people all over the world. The corporation also participates in a number of international oil and gas projects and has interests in power generation, including the use of renewable energy sources.
Founder
Lukoil soon developed itself as a significant participant in the Russian oil and gas sector under the direction of Vagit Alekperov. Alekperov, who was the deputy minister of the Soviet Union’s oil and gas ministry, was essential to the reform of the sector following the collapse of the Soviet Union.
Achievement
Within the energy sector, Lukoil has accomplished key milestones and received acclaim. The business has invested in nations including Kazakhstan, Uzbekistan, Azerbaijan, and Iraq as part of its successful international expansion. The effectiveness of Lukoil’s operations, technological improvements, and dedication to environmental sustainability have all received praise.
The company has received awards for its exploration and production efforts, as well as for its corporate social responsibility initiatives. Lukoil places a strong emphasis on health, safety, and environmental practices, aiming to minimize its ecological footprint and contribute to sustainable development.
Impact
Lukoil’s operations have a significant impact on the global energy market and the economies of the countries where it operates. The company’s activities contribute to the production and supply of essential energy resources, supporting economic growth, and meeting global energy demand. Lukoil’s investments create employment opportunities, foster technological advancements, and drive economic development in various regions.
Furthermore, Lukoil is committed to social responsibility initiatives, supporting local communities through various social and cultural programs, educational initiatives, and environmental projects. The company strives to operate in a socially and environmentally responsible manner, promoting sustainable development and the well-being of the communities in which it operates