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52-536: From a two-company joint venture in 1993 (between the Kazakhstani state oil company KazakhOil, now KazMunayGas, and the American oil giant Chevron) Tengizchevroil expanded in 1996–1997 into a four-company consortium: ExxonMobil Kazakhstan Ventures, an ExxonMobil subsidiary, and LukArco, a joint venture between Lukoil and Atlantic Richfield (ARCO), acquired 25% and 5% respectively. In 2000, BP became involved in

104-716: A joint-venture with Gazprom and in 2008, established a joint-venture as well with Italian oil company Erg S.p.A. In 2009, Lukoil and Norwegian oil company Statoil won a tender offer for the development of the West Qurna Field in Iraq. However, in early 2012, Statoil withdrew from the project, resulting in Lukoil consolidating 75% of development of the oil field. From 2010 to February 2011, ConocoPhillips sold its whole 20% stake in Lukoil due to its difficult financial situation. In September 2012, Lukoil created

156-570: A 45%-stake in an oil refining complex in the Netherlands. In 2020, the company was also in talks to reconstruct a refinery plant in Cameroon , which belongs to Cameroon's national refining company, Sonara. * – 49% and 45% shares respectively ‡ do not process Russian crude oil Speaking at a press conference in New York on October 18, 2006, the company's CEO Vagit Alekperov said Lukoil

208-491: A 5% stake of Lukoil was sold by the state with a minimum excess of the starting price in an auction. In November 1995, Lukoil filed with the U.S. Securities and Exchange Commission to issue American depositary receipts on Western stock markets. This allowed United States investors for the first time, to be able to buy shares in a Russian company. In 1997, Lukoil signed a contract with the Iraqi Ministry of Oil for

260-969: A development license for Nadezhda field in Baltic field, situated in Kaliningrad region aside of Continental shelf, which is booked for state companies only. In October 2021, due to ecology risks, the Russian government withdrew the decision to provide the license for geological exploration at Nadezhda field. In December 2011, Lukoil established a joint venture with Bashneft to develop the Trebs and Titov oil fields . Total recoverable reserves and oil resources from these fields are 89.73 million tons in C1 category, 50.33 million tons in C2 category and 59.29 million tons in category C3. The operator of Lukoil's foreign projects in

312-559: A hospital window. This was not long after board member Alexander Subbotin had died an unusual death. Maganov's replacement as chairman, Vladimir Ivanovich Nekrasov, died suddenly in October 2023. In March 2024, vice president Vitaly Robertus died suddenly. In March 2022, Toby Gati , Roger Munnings and Wolfgang Schüssel left the board of directors due to International sanctions during the Russo-Ukrainian War . During

364-568: A result of international sanctions during the 2022 Russian invasion of Ukraine . On 21 April 2022, Lukoil issued a statement saying that president Vagit Alekperov had stepped down and resigned from the board of directors after 29 years. The Norway state-owned oil company Equinor exited the last of their joint ventures in Russia by withdrawing the joint venture with Lukoil and exiting the Kharyaga project on 2 September 2022. In 2023 Lukoil

416-831: A shared service centre in the Czech Republic to provide accounting services to its subsidiaries in Belgium , Poland , and Bulgaria . In December 2012, Lukoil bought the Imilor field for ₽ 50.8 billion in the Khanty-Mansi Autonomous Okrug to explore and develop the hydrocarbon deposits located there. In February 2013, Lukoil sold the Odesa Oil Refinery to the Ukrainian "East European Fuel and Energy Company" (VETEK). For Lukoil,

468-578: Is Alekperov's close associate. Alekperov also owned superyacht builder Heesen Yachts until 2022. As part of the international governmental responses to the Russian invasion of Ukraine , the United Kingdom, Canada, Australia and New Zealand have imposed sanctions against Alekperov. Alekperov was born on 1 September 1950, in Baku , Azerbaijan SSR , one of the earliest centers of the international petroleum industry. His father, who died when Vagit

520-587: Is a stub . You can help Misplaced Pages by expanding it . Lukoil The PJSC Lukoil Oil Company (Russian: Лукойл , romanized : Lukoyl , IPA: [ˈluːkɔɪl] 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

572-507: Is an Azerbaijani oligarch . He was the President of the oil company Lukoil from 1993 until 2022. As of September 2024, according to Forbes billionaires list by Forbes magazine , Alekperov has an estimated net worth of US$ 27.6 billion , making him the 3rd wealthiest person in Russia and the fifty-ninth in the world. Alekperov previously owned a 36.8% stake in football club Spartak Moscow . Fellow former Spartak owner Leonid Fedun

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624-462: Is closely associated with Steve Bannon , who supported Donald Trump 's 2016 campaign for President of the United States, and Robert Mercer , who supported Ted Cruz 's campaign for President of the United States, about how United States election data about American voters could be used to target them according to Christopher Wylie . In 2018, Alekperov first said in an interview that he

676-575: Is one of the founders of the Russian Olympians Support Fund. In February 2014, Lukoil signed an agreement with the government of Arkhangelsk Oblast about supporting Vodnik . In July 2010, the top managers of the company owned the largest stake (more than 30%) of the company's shares : CEO Vagit Alekperov owning 20.6% and vice-president Leonid Fedun owning 9.8%. The American oil company ConocoPhillips owned 19.21% but due to financial difficulties, completely withdrew from

728-403: Is planning to double the production of oil from the Iraq project, West Qurna Field 2, to 800,000 bpd. The company's proved hydrocarbon reserves as of January 1, 2011 amounted to 17.255 billion barrels of oil equivalent , including 13.319 billion barrels of petroleum and 0.67 trillion cubic meters of natural gas . In terms of proved oil reserves, Lukoil, according to its own information,

780-580: Is refusing to build a new refinery in Russia. According to him, "at this stage it is inexpedient and economically inefficient." At the same time, Lukoil planned to build a large complex in Kalmykia for the processing of natural gas from the North Caspian fields worth over $ 3 billion. The work was supposed to start in the spring of 2008. Also in March 2007, Lukoil announced it would expand the capacity in

832-502: 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. As of 2021 ,

884-534: Is transported through pipelines such as the Caspian Pipeline Consortium . Lukoil owns a number of oil and oil products terminals used for the export of oil and oil products: Lukoil sells petrol in 59 regions of Russia and in 17 other countries, both CIS and Western : Azerbaijan , Belarus , Belgium (through its subsidiary Jet until late 2008, since rebranded to Lukoil), Bulgaria , Croatia (operated by Lukoil Croatia, but under

936-689: Is unknown, but according to some reports, it is one of the three largest private collections in Russia. According to Forbes, Alekperov's private Museum of Numismatics has more than 700 coins on display, which is about a quarter of the entire collection. It consists mainly of gold coins, from antiquity to modern Russia, some silver coins, as well as a few platinum coins of the Russian Empire . In 2007 Alekperov founded The Foundation "Our Future" to promote social entrepreneurship in Russia. Alekperov has repeatedly stated publicly and has confirmed that, according to his will, his stake in Lukoil (over 20% of

988-483: The 2022 Russian invasion of Ukraine , the chairman of Lukoil Ravil Maganov had criticised the Russian attack on Ukraine. On 1 September 2022 he was found dead outside his hospital window the day that President Putin visited the hospital. Nearby video cameras had been turned off. The company has acknowledged the death in a statement saying that Ravil Maganov: "passed away following a severe illness". The refinery in Italy

1040-496: The Aral Sea , stating "The Aral Sea is largely unknown, but it holds a lot of promise in terms of finding oil and gas. There is risk of course but we believe in the success of this unique project". In December 2006, Lukoil announced the acquisition of 376 filling stations in six European countries : Belgium , the Czech Republic , Finland , Hungary , Poland , and Slovakia , from ConocoPhillips. In 2007, Lukoil established

1092-591: The Astrakhan Oblast and 62% of the Krasnodar Krai . Its main power generation subsidiaries are Lukoil-Volgogradenergo, Lukoil-Rostovenergo, Luikoil-Kubanenergo, Lukoil-Astrakhanenergo, and Lukoil-Stavropolenergo. Lukoil operates two solar power plants at its own refineries in Romania and Bulgaria with respective capacity of 9 MW and 1.3 MW. A 10-MW solar plant is under construction at

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1144-584: The Austrian company AMIC Energy Management , which was announced at the end of July 2014. In 2014, Lukoil sold its service stations in the Czech Republic , Slovakia , and Hungary . In 2015, it sold its service stations in Estonia and Ukraine , and in 2016, it sold its service stations in Latvia , Lithuania , Poland , and Cyprus . In March 2022, Lukoil's market stock price dropped 95 percent, as

1196-673: The Lukoil Neftochim Burgas refinery in Burgas , Bulgaria from 7.5 million tons to 10 million tons of oil per year. The Lukoil ISAB refinery in Italy was sold in 2023. The subsidiary company Lukoil-Neftekhim specializes in petrochemistry , and operates the Stavrolen ( Budyonnovsk ), Saratovorgsintez, and the Karpatneftekhim ( Kalush , Ukraine ) petrochemical plants. Petrochemical facilities are also part of

1248-735: The Volgograd Refinery . It also owns an 84-MW wind farm in Topolog , Romania. Lukoil has been titular sponsor of FC Spartak Moscow since 2000. In August 2022, the company acquired ownership of the club (100% of the shares) along with the Otkritie Arena stadium. In particular, the company sponsors the Volgograd water polo club Lukoil-Spartak. Lukoil also sponsors the Russian Olympic Committee and

1300-608: The Woodrow Wilson Award . He was honored in 2005 for achievements in corporate citizenship. On 31 August 2020, ahead of Vagit Alekperov's 70th jubilee, Azerbaijani President Ilham Aliyev awarded him with the "Dostlug" Order for his special services rendered to the development of mutual relations between Azerbaijan and the Russian Federation. On 4 May 2022, Alekperov received the Order "For Merit to

1352-787: The shareholders of Lukoil, selling its shares, and in part to Lukoil itself by February 2011. The remaining shares were freely traded on the London Stock Exchange , the Frankfurt Stock Exchange , the Russian Trading System , and the Moscow Interbank Currency Exchange . Market capitalization of the company was $ 60.4 billion as of June 2018. List of directors that were elected on June 21, 2018: In September 2022, chairman Ravil Maganov died after falling from

1404-730: The Neftochim Burgas Combine in Bulgaria. "Lukoil" is the largest producer of alkene and acrylonitrile in Eastern Europe. Together with Sibur , Lukoil-Neftekhim owns a controlling stake in the Polief plant. Transportation of oil produced by Lukoil in Russia is carried out for the most part by the pipelines of Transneft , as well as by rail and water transport. Oil produced at the company's fields in Kazakhstan

1456-473: The Russian delegation at the negotiations. Rondo Fehlberg, an executive at BP, told NY Times that Alekperov took control of the agenda during that 1990 trip, sternly asking the BP executives to explain how a modern oil company should be set up. In April 1993, Langepas-Uray-Kogalymneft became the joint-stock company LUKOIL, and Alekperov became its president and chairman of the board. By 2002 Alekperov owned 10.4% of

1508-656: The United States Like many other Russian oligarchs , Alekperov has also moved into banking and media. In May 2006 Alekperov was one of the two main owners of IFD Kapital Group . During at least three meetings in Turkey and London in 2014 and 2015, executives associated with Alekperov's firm Lukoil allegedly questioned persons at the Alexander Nix associated firms SCL Group , which is closely associated with Aleksandr Kogan , and Cambridge Analytica , which

1560-490: The auction, Lukoil and ConocoPhillips announced the creation of a strategic alliance. Later, the American company increased its stake to 20% in Lukoil and sold to the Russian company part of its network of gas stations in the United States and Western Europe . The two oil companies also agreed to jointly develop an oil and gas field in the northern Timan-Pechora area of Russia ( Komi Republic ) and intended to secure

1612-469: The board of directors after 29 years. In May 2022, Canada also imposed sanctions on Alekperov. In October 2022, New Zealand sanctioned Alekperov. Alekperov is married to Larisa Victorovna Alekperova and has a son Yusuf born in 1990. In 2023 he founded the WellTech company, which is engaged in the repair of LUKOIL wells. Alekperov's hobby is numismatics . The exact composition of his collection

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1664-438: The brand name "Europa-Mil"), Finland ( Teboil ), Georgia , Italy , Luxembourg , Moldova , Montenegro , Netherlands , North Macedonia , Romania , Serbia , Turkey and the United States . As of January 2014 , it had 166 tank farms and 5,867 filling stations. Lukoil has the aggregate power generation capacity of 5,800 MW, of which 73% is for commercial use. Lukoil generates about 99% of electrical power of

1716-490: The business, as BP had merged with Arco and took a 46% share in LukArco. In December 2009, BP sold its stake to Lukoil and thereafter Lukoil became the sole shareholder of LukArco. In January 2014, the firm reported a record rise in output to 27.1 million tonnes from 24.2 million tonnes. In mid-2019, BP expressed interest in returning to Kazakhstan. The company signed a memorandum of understanding with KazMunayGas. In 2020,

1768-463: The companies signed an agreement establishing a partnership to explore for hydrocarbons in Kazakhstan. In 2019, its production volume reached 30 million tons. The company employs 4,000 people, about 95% of which are residents of Kazakhstan. This Kazakhstan -related article is a stub . You can help Misplaced Pages by expanding it . This article about a natural gas or petroleum-related company

1820-526: The company had operations and subsidiaries in more than 30 countries around the world. In 2022, the company's revenue amounted to 2.9 trillion rubles. In 2024, LUKOIL left the Hungarian market, and was replaced with Orlen . " 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

1872-459: The company) will be transferred to a specially created charitable foundation. In 2020 coronavirus pandemic, Lukoil has donated more than RUB 652 million in 22 Russian regions and almost $ 900 000 dollars in its operation countries abroad. Alekperov also donated RUB 50 million of personal finances to fight coronavirus in the Republic of Komi. Alekperov was the first Russian citizen who received

1924-467: The company. In 2000, Alekperov resigned as head of the board of directors of Lukoil, but retained his position as president of the company. In May 2008, Alekperov bought 11.13 million shares (1.3%) in Lukoil, thereby increasing his stake to 20.4% and becoming the company's largest shareholder. LUKoil was the first Russian company to acquire an American company. In November 2000, LUKoil acquired Getty Petroleum Marketing and its 1,300 gas stations in

1976-426: The control of a network of gas stations in the United States as well as the first time Lukoil enters the American oil market. In September 2004, ConocoPhillips purchased a 7.6% stake in Lukoil for about $ 2 billion. According to some commentators, the sale of this deal was planned before in a personal meeting between Russian President Vladimir Putin and ConocoPhillips' president and CEO , James Mulva . After

2028-694: The development and production of the second stage of the West Qurna -2 oil field. After Saddam Hussein 's regime was overthrown, the project was suspended and later terminated. In 1999, Lukoil acquired numerous enterprises such as the Odesa Oil Refinery in Ukraine , the Burgas Oil Refinery in Bulgaria , and KomiTEK. In 2000, Lukoil acquired the distribution and marketing operations of American oil company Getty Oil . This resulted in

2080-495: The establishment of vertically integrated state-owned energy companies, which would bring together the wide range of organizations in the energy sector that were, at the time, reporting to different Soviet bureaucratic institutions. Just at this time Western oil companies began to actively look for partners in Russia. During a visit to British Petroleum facilities in the United Kingdom in 1990 Alekperov personally headed

2132-832: The exploration and production sector is its subsidiary, Lukoil Overseas. Lukoil is involved in the implementation of 16 projects for the exploration and development of structures and deposits in the following countries: The extraction of hydrocarbons from all the above projects is carried out only in Kazakhstan (5.5 million tons of oil and 1.9 billion cubic meters in 2006) and Egypt (0.2 million tons). Lukoil owns seven oil-processing companies in Eastern Europe with total capacity of 82.1 million tons per year. In Russia it owns large refineries in Volgograd , Perm , Nizhny Novgorod , and Ukhta refineries and mini-refineries in Uray and Kogalym. It also owns refineries in Bulgaria and Romania and has

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2184-514: The first company to begin offering shares of stock on the new Russian Trading System . The Filanovsky oil field was discovered and operated by Lukoil. In 1995, Lukoil controlled the stakes of nine oil-producing, marketing and service enterprises in Western Siberia , the Urals , and Volgograd Oblast in order to abide by Government Decree No. 861 of September 1, 1995. In the same year,

2236-471: 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

2288-506: The oil refinery was unprofitable when production was stopped as early as October 2010 and the refinery finally closed in the summer of 2013. In April 2013, Lukoil agreed to buy Hess Corporation 's Russian unit for $ 2.05 billion. In 2014, the company faced a sharp decline in retail sales in Ukraine by 42%, caused by Russian intervention in Ukraine . As a result, the management of Lukoil agreed to sell 100% of its subsidiary Lukoil Ukraine to

2340-475: 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. On April 5, 1993, Lukoil transformed itself from a state-owned enterprise to a private open joint-stock company based on Presidential Decree No. 1403 of November 17, 1992. In 1994, Lukoil became

2392-511: The rights to develop the West Qurna Field in Iraq, one of the country's largest. Uzbekistan's deputy prime minister Ergash Shaismatov announced on 30 August 2006 that the Uzbek government and an international consortium consisting of state-run Uzbekneftegaz , Lukoil Overseas, Petronas , Korea National Oil Corporation , and China National Petroleum Corporation signed a production sharing agreement to explore and develop oil and gas fields in

2444-664: Was a boy, worked in the oilfields all his life and inspired Alekperov to follow in his footsteps. Alekperov's father was an Azerbaijani Muslim and his mother, Russian Orthodox . Alekperov is religious, but does not define himself as either Muslim or Orthodox. In 1974, Alekperov graduated from the Azerbaijan Oil and Chemistry Institute with a Master of Science in Engineering . Alekperov moved to Western Siberia in 1979 and worked at Surgutneftegaz between 1979 and 1985, earning his reputation as an industry expert. He

2496-512: Was ascending positions and by 1985 became first deputy general director of Bashneft production company. In 1987, he became general director of the newly created production company Kogalymneftegaz . In 1990, Alekperov was appointed deputy minister of the Oil and Gas Industry of the Soviet Union and became the youngest deputy energy minister in Soviet history. At that time, Alekperov promoted

2548-538: Was formed in 1991 when three state-run, western Siberian companies merged. The original companies were named after their respective towns in Khanty–Mansi Autonomous Okrug that each was based in; Langepasneftegaz , Urayneftegaz , and Kogalymneftegaz . Its new name is the combination of the acronym LUK (initials of the oil-producing cities of Langepas, Uray, Kogalym) and the English word "oil". Lukoil

2600-509: Was looking for a successor to his position, a staff reshuffle, he said, could take place at the company in 2023. Alekperov is on the 2017 list of Russian "oligarchs" named in the CAATSA unclassified report to the U.S. Congress . In April 2022, following Russia's invasion of Ukraine , Alekperov was sanctioned by Australia and the United Kingdom. On 21 April, Lukoil issued a statement saying that Alekperov had stepped down and resigned from

2652-698: Was sold in 2023, the one in Bulgaria was allowed to continue after agreeing to pay taxes in Bulgaria and the refinery in Romania was permitted to continue provided it only refined non-Russian oil. In September 2023, the Bulgarian authorities transferred the Rosenets port oil terminal under state control. By decision of parliament, Lukoil's 35-year concession was terminated early without payment of compensation. Vagit Alekperov Vagit Yusufovich Alekperov ( Azerbaijani : Vahid Yusifoviç Ələkbərov , Russian : Вагит Юсуфович Алекперов ; born 1 September 1950)

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2704-478: Was the sixth-largest private oil company in the world at the time. In addition, probable hydrocarbon reserves as of January 1, 2011 were 8.46 billion barrels of oil equivalent (including oil 6.47 billion barrels of petroleum and 0.34 trillion cubic meters of natural gas). Possible reserves were 3.17 billion barrels of oil equivalent (including 2.78 billion barrels of petroleum and 65.7 billion cubic meters of natural gas). Since 2016, Lukoil has been trying to get

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