Our business model is based on the principle of maximum vertical integration and commitment to the sustainable development principles in order to create value added and further reinforce the high resilience of our business to the changing macroeconomic environment through risk diversification.
Exploration and production of oil and gas are the central pillar of the LUKOIL Group business. Our upstream operations cover 14 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
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 retail sales in 19 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