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
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| 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. |
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2. Competitiveness | Plans |
| We are focused on boosting our overall operational performance and achieving more rational use of resources (natural, human, production, and financial) |
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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. |
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| 4. Return of equity, return on investment and continuous creation of shareholder value | Plans |
| 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 |
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