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Oil and Gas Sales

OIL

LUKOIL sells crude oil, gas and petroleum products in the domestic and international markets, driving optimal distribution of flows to fit the market and maximize net revenue. The Company owns crude oil and petroleum products transshipment facilities, as well as pipelines, which helps minimize transportation costs.

In 2016, crude oil sales went down by 1.9% to 77.4 million tonnes, primarily due to growing supplies to European refineries and declining production, which was partly offset by higher trading volumes. Far-abroad markets accounted for ca. 87% of crude oil sales; 9% were sold in Russia and 4% in the CIS.

GAS

In 2016, marketable natural gas, APG and dry stripped gas shipments by LUKOIL Group totaled 20.3 billion cubic meters.

Russia accounted for 62.7% of the total gas shipments, or 12.7 billion cubic meters, of which 8.8 billion cubic meters were sold to Gazprom. International gas sales amounted to 7.6 billion cubic meters, up 8.0% year-on-year, due to the gas production growth in Uzbekistan.

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