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Business Model

Our business model is driven by the principle of efficient vertical integration to create added value and make our business highly resilient through risk diversification.

Exploration and production of oil and gas are the central pillar of the LUKOIL Group business. Our upstream operations cover twelve countries and are mostly concentrated in Russia, Central Asia, and the Middle East. Our key competitive advantages are:

  • Rich reserve base

  • Low production cost of conventional barrels

  • Vast experience in large scale projects 

  • Technological expertise

Developing downstream segment helps us to decrease dependence from the price volatility and strengthen competitiveness by delivering high added value products. LUKOIL delivers a wide range of high-quality oil products, gas processing products and petrochemicals; and manages wholesale and retail sales in 18 countries. Our key competitive advantages are: 

  • Leadership in refining efficiency

  • Favorable location of refineries and proximity to sales markets

  • Product range and high quality of products

  • Development of premium distribution channels

We create value for a wide range stakeholders through the high level of efficiency and operations across all elements of the value chain, from exploration to high-margin product sales to the end consumers. Our products are characterized by high performance, we are the large employer and taxpayer, we invest in social projects, and are constantly increasing payments to shareholders.