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Strategic goals

Since its incorporation, LUKOIL has been guided by the principles of responsible business and strives to achieve the balance between the social and economic development and the wellbeing of the environment.

The approach of LUKOIL Group to sustainability management is based on seeking to align the interests and plans of the Company with the UN sustainability principles, universal human values, global trends and objectives of national and regional development.

The issues of industrial, environmental and social safety, personal security of LUKOIL employees as well as higher responsibility in the supply chain constitute absolute priorities at all stages of value creation. 

In 2017 the Board of Directors of LUKOIL set four strategic sustainability goals for the LUKOIL Group that are consistent with 11 UN Sustainability Goals and 15 objectives.  Multiple programs are in place to achieve those goals and information about the accomplished results is disclosed annually in public reports.  

Strategic Goals of the LUKOIL Group

1.       Industrial and environmental safety, reliability and efficiency of processes

 

 

Plans
We are committed to improving industrial safety, reducing on-the-job injury rates, ensuring accidentfree operation of our production facilities, and continuously reducing our environmental impacts.
  • reduce the frequency of work-related injuries;

  • establish safe working conditions;

  • reduce the risk of accidents;

  • reduce the negative impact on the environment.

2.       Competitiveness

 

Plans
We are focused on boosting our overall operational performance and achieving more rational use of resources (natural, human, production, and financial)
  • maintain leading positions in the Russian oil industry in terms of the efficient use of new technologies;

  • minimize the impact of the Company's operations on the climate and continuously improve the greenhouse gas emission management system;

  • improve the efficiency of operations, reduce the consumption of natural resources, materials and electrical power per unit of production; 

  • develop scientific research centers.

3.       Social Responsibility, a worthy contribution to social development

 

 

Plans
We take a very responsible attitude towards our stakeholders and always take their needs into account. We pursue a responsible social policy towards our employees and make a significant contribution to improving living standards in the regions where we operate.
  • comply with the principles of global initiatives in which the Company takes part and international standards;

  • increase the efficiency of social investments;

  • cooperate with stakeholders in the countries of presence.

4.       Return of equity, return on investment and continuous creation of shareholder valuePlans
We follow a flexible reinvestment policy, work constantly to improve our performance and foster technological development. Thanks to successful implementation of our strategy, we maintain our competitive advantages, create shareholder value, and boost the Company's investment appeal
  • provide for the stable development of operations within all sectors of business;

  • implement the dividend policy.