In 2017 we delivered outstanding results despite the volatile macro environment and external production limitations. Each of the business segments was steadily growing while our consolidated financial results reached historical peak.
Our business model proved its high efficiency and LUKOIL continued to develop and create shareholder value.
2017 Annual Report
- The entire document
- About the Company (p. 4-48)
- Board of Directors Report on the Results of the Priority Business Directions Development (p. 48-74)
- Corporate Responsibility (p. 74-92)
- Corporate Governance (p. 92-149)
- Appendix 1. Corporate Governance Code Compliance Report (p. 149-179)
- Appendix 2. Risks (p. 179-189)
- Appendix 3. Major and Related / Interested Party Transactions (p. 189-205)
- Appendix 4. Information on Transactions with PJSC “LUKOIL” Ordinary Shares / DRs Performed by Members of the Board of Directors and Management Committee of PJSC “LUKOIL” in 2017 (p. 205-207)
- Appendix 5. Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations (p. 207-299)
"One of the most important achievements in 2017 was our long-term strategy update. We took the decision to focus on the organic growth of our business, unlocking its potential formed for many years of work"
- Vagit Alekperov, President and Chairman of the Management Committee of PJSC LUKOIL
"2017 was an important year for LUKOIL as we defined the path of further development. In December the Board of Directors unanimously approved the Strategic Development Program of PJSC LUKOIL for 2018-2027 as well as supported a number of related initiatives"
- Valery Grayfer, Chairman of the Board of Directors of PJSC LUKOIL
We are able to create value for our 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.
In 2017, the Board of Directors approved the Strategic Development Program of LUKOIL Group for 2018–2027. The updated strategy is focused on driving sustainable growth in key performance indicators and the Company’s progressive dividend policy in a conservative oil price scenario, while pursuing additional growth opportunities and distributions to shareholders in a more favorable environment.