Russia's Lukoil Company, one of the world's top 500 companies, was founded in 1991 and is a large private oil company formed by the merger of the world's largest vertically integrated oil and gas company and three large crude oil and gas production enterprises
OAO Lukoil Holdings was founded in 1991 by the merger of three large crude oil and gas producers, Western Siberia, Kogalymneftegaz and Kogalymneftegaz. It operates in 55 of 89 regions of Russia, distributes smelting equipment in several countries and regions, operates refineries and has an extensive retail network.
Luké is the world's second-largest private oil company in terms of proven reserves of hydrocarbons. The company accounts for about 1.3% of the world's oil reserves and about 5.1% of the world's oil extraction. The company plays an important role in the Russian energy sector, accounting for 36% of the total oil extraction and 48% of the total oil processing and smelting in Russia. At the beginning of 2009, the company had proven oil reserves of 32.691 billion barrels, 38 trillion cubic feet of natural gas, and the company's total oil reserves reached 45.5 billion barrels.
In the exploration and extraction sector, Luke has high-quality, diversified assets. The main area of oil extraction is Western Siberia, and the fastest growing area is the Timano-Pechora region, where oil extraction has increased by more than 1.6 times. Luke also has a series of exploration and mining plans outside Russia: Kazakhstan, Egypt, Azerbaijan, Uzbekistan, Saudi Arabia, Iran, Colombia, Venezuela and Iraq.
The implementation of the gas extraction program at the Nakhodka oil field company began, according to which the medium-term prospects for gas extraction will develop rapidly. The Big Herta Basin oil fields and the Caspian Sea will be the energy base for the project. The company's international natural gas projects include the Khand-Hawzak-Shad project in Uzbekistan and the Shah-Dennis project in Azerbaijan.
Lukor has strong refining capacity both inside and outside Russia. In Russia, the company has four large refineries in Perm, Volgograd, Ukhta and Nizhny Novgorod, as well as two smaller refineries. The domestic refining capacity reached 41.8 million tons per year. The company's overseas refineries are located in Ukraine, Bulgaria and Romania, with an overseas refining capacity of 16.7 million tons per year. In 2004, the company processed 44 million tons of crude oil in its own plants, including 35.5 million tons of crude oil in its factories in Russia.
By the end of 2004, the company's sales network covers 17 countries in the world, including Russia, CIS countries (Kazakhstan, Azerbaijan, Belarus, Georgia, Moldova, Ukraine), European countries (Bulgaria, Hungary, Belgium, Latvia, Litovan, Poland, Serbia, Romania, Czech Estonia) and the United States, a total of 206 oil depots and 6,919 gas stations. The company has 24 branches in Russia and operates in 59 entities of the Russian Federation. At the same time, in 2007, Russia's Lukoil opened a representative office in Beijing.
