Lukoil (RTS:LKOH LSE: LKOD NASDAQ: LUKOY) (Russian: Лукойл; pronounced /lukɔɪl/) is Russia's largest oil company and its largest producer of oil. In 2007, the company produced 96.645 million tons of oil; 1.953 million barrels per day.
Its international upstream subsidiary is called Lukoil Overseas Holding. Headquartered in Moscow, Lukoil is the second largest public company (next to ExxonMobil) in terms of proven oil and gas reserves. In 2008, the company had 19.3 billion barrels of oil equivalent per SPE standards. This accounts to some 1.3% of global oil reserves. The company has operations in more than 40 countries.
Lukoil was formed in 1991, when three state-run, western Siberian companies, Langepasneftegaz, Uraineftegaz, and Kogalymneftegaz, merged. The initials of the three companies are preserved in the name Lukoil. The central figure in the company's founding was the soviet deputy minister of oil production Vagit Alekperov. He came to believe the only way Russians could compete against Western companies was to copy their business model. That meant vertically integrating the three branches of the industry - exploration, refining, and distribution - that were strictly
The State Oil Company of Azerbaijan (SOCAR) is expected to ship a total of 85,000 tonnes of oil from the Russian port of Novorossiysk in July 2014. The oil from Novorossiysk will be shipped in one batch from July ...