LUKOIL PJSC Oil Company (LUKOIL Group) history, company profile (overview) and history video
The Oil Company LUKOIL PJSC (Лукойл) is a Russian multinational energy corporation headquartered in Moscow, Russia.
HISTORY
LUKOIL was founded as a state-owned enterprise on November 25, 1991, when the Government of the Russian Soviet Federal Socialist Republic issued Regulation No. 18. The purpose of this Regulation was to create an oil industry group called LUKOIL (”Langepas Uray Kogalym oil”), which consolidated three oil production enterprises and several refineries, including those in Perm and Volgograd.
The company’s name was formed from the initial letters of the respective town where each of the three merged oil companies was based: Langepasneftegaz, Urayneftegaz, and Kogalymneftegaz.
Vagit Alekperov, the Soviet deputy minister of oil production, was a representative figure in the company’s founding.
OPERATIONS
The company operates through the following segments: Exploration & Production, Oil Refining & Gas Processing, Wholesale & Trading, and Power Generation.
Exploration & Production
The Exploration & Production segment engages in the exploration, production of crude oil and gas.
Oil Refining & Gas Processing
The Oil Refining & Gas Processing segment processes crude oil into refined petroleum products and gas and natural gas liquids into liquid hydrocarbons and marketable gas.
Wholesale & Trading
The Wholesale and Trading segment sells crude oil, gas and petroleum products in the domestic and international markets.
Power Generation
Lukoil Group owns power generation and distribution facilities, with assets such as gas-fired power stations and renewable power generation facilities. It owns solar power facilities, as well as wind power plants and hydroelectric power stations.
With more than 100,000 employees in more than 30 countries around the world, Lukoil Oil Company is considered one of the largest companies in Russia, and one of the largest global producers of crude oil. According to Forbes, it is considered one of the Tops Regarded Companies in the World and one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and ”www.lukoil.com”.
**Video published on YouTube by “Companies History“.
