LUKoil
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| LUKOIL oil company | |
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| Type | Public (NASDAQ: LUKOY) |
|---|---|
| Founded | 1991 |
| Headquarters | Moscow, Russia |
| Key people | Vagit Alekperov , LUKoil's founder and chief |
| Industry | Oil and Gasoline, Alternative fuel |
| Products | petroleum and derived products Service stations |
| Revenue |  $46.28 billion USD (2006) |
| Net income |  $6.44 Billion USD (2006) |
| Employees | 150,000 (2006) |
| Slogan | Always Moving Forward |
| Website | www.lukoil.com |
LUKOIL (LSE: LKOD) NASDAQ: LUKOY (Russian: ЛУКОЙЛ; pronounced "Luke-Oil") is Russia's largest oil company and its largest producer of oil. [1] In 2005, it produced 90.16 million tonnes of oil and 7.57 billion cubic meters of natural gas.
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 (ca. 20 bn boe by SPE standards; some 1.3% of global oil reserves).
Market value of the company on the 29th of December was valued at $73.639 billion [1].
LUKoil's North American Headquarters are in East Meadow, New York, USA.
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[edit] History
LUKOIL's name is derived from the three oil companies that were merged in 1991: Langepasneftegaz, Uraineftegaz, and Kogalymneftegaz.
[edit] Exploration and production
LUKOIL carries out exploration and/or production of oil and gas in Russia and (as of 2005) nine other countries: Kazakhstan, Azerbaijan, Uzbekistan, Egypt, Iran, Iraq, Colombia, Venezuela, and Saudi Arabia.
In September 2004, ConocoPhillips purchased a 7.6 percent stake in LUKOIL and signed an agreement that could increase this figure in the future to up to 20 percent. [2]. The two oil companies have agreed to develop jointly an oil and gas field in the northern Timan-Pechora area of Russia (Komi Republic) and intend to secure the rights to develop the West Qurna Field in Iraq, one of the country's largest. [3] [4]
[edit] Development of the Aral Sea
Ergash Shaismatov, the Deputy Prime Minister of Uzbekistan, announced on August 30, 2006 that the Uzbek government and an international consortium consisting of state-run Uzbekneftegaz, LUKoil Overseas, Petronas, Korea National Oil Corporation, and China National Petroleum Corporation signed a production sharing agreement to explore and develop oil and gas fields in the Aral Sea, saying, “The Aral Sea is largely unknown, but it holds a lot of promise in terms of finding oil and gas. There is risk of course but we believe in the success of this unique project." The consortium was created in September 2005.[2]
[edit] Oil refining and petrochemical facilities
LUKOIL owns four oil-processing companies in Russia:
- LUKOIL-Volgogradneftepererabotka Ltd. (Russian: ООО "ЛУКОЙЛ-Волгограднефтепереработка") in Volzhsky, Volgograd Oblast;
- LUKOIL-Permnefteorgsintez Ltd. (Russian: ООО "ЛУКОЙЛ-Пермнефтеоргсинтез") in Perm;
- LUKOIL-Nizhegorodnefteorgsintez Ltd. (Russian: ОАО "ЛУКОЙЛ-Нижегороднефтеоргсинтез") in Kstovo, Nizhny Novgorod Oblast;
- LUKOIL-Ukhtaneftepererabotka Ltd. (Russian: ОАО "ЛУКОЙЛ-Ухтанефтепереработка") in Ukhta, Komi Republic.
The company also owns three other petrochemical companies elsewhere in Europe:
- LUKOIL Neftokhim Burgas AD, (Bulgarian: "ЛУКОЙЛ Нефтохим Бургас" АД) in Burgas, Bulgaria.
- LUKOIL-Odessky NPZ, (Russian: ОАО "ЛУКОЙЛ-Одесский НПЗ") in Odessa, Ukraine.
- Petrotel-LUKOIL SA in Ploieşti, Romania.
[edit] Gasoline retail sales
LUKOIL sells gasoline in 59 regions of Russia and in 16 other countries (Azerbaijan, Belarus, Bulgaria, Cyprus, Czech Republic, Estonia, Finland, Georgia, Hungary, Latvia, Lithuania, Republic of Macedonia, Moldova, Poland, Romania, Serbia, USA and Ukraine). As of the end of 2004, it has 199 tank farms and 5,405 gas stations.[3]
In 2000, LUKOIL purchased the remaining assets of Getty Oil, and began opening Lukoil stations in the United States in 2003. Most of the American LUKOIL stations are converted Getty stations, though some are also converted Mobil stations bought from ConocoPhillips when that company left the Northeast.
In Spring 2004, Lukoil purchased 779 Mobil gas stations throughout New Jersey, New York, and Pennsylvania, and in 2005 began converting them to the Lukoil brand.
[edit] Management and major shareholders
As of November 30, 2006, the most significant shareholder of Lukoil was the JSC ING Bank Eurasia with 64,34% share. [5]
Board of Directors elected at the Annual General Shareholders Meeting on June 28, 2005 consists of Valery Grayfer (Chairman, General Director of the JSC RITEK), Vagit Alekperov (President of the JSC LUKoil), Mikhail Berezhnoi (General Director of the Non-Profit Organisation LUKoil-Garant Non-State Pension Fund), Oleg Kutafin (Rector of the Moscow State Law Academy), Ravil Maganov (First Executive Vice-President of the JSC LUKoil), Richard H. Matzke ( Vice-Chairman of the Board of Directors of Chevron Corporation, ChevronTexaco Corporation (2000-2002)), Kevin Meyers (President of Russia/Caspian Region ConocoPhillips), Sergei Mikhailov (Chairman of the Board of Directors of the JSC Managing Company Management Center), Nikolai Tsvetkov (Chairman of the Management Committee of the NIKoil Investment Banking Group), Igor Sherkunov (Chairman of the Board of Directors of the Closed JSC Investment Group Capital), Alexander Shokhin (President of the State University Higher School of Economics). [6]
As of 2006, its Mamagement Committee consists of Vagit Alekperov (President of the JSC LUKoil), Sergei Kukura (First Vice-President for Economics and Finance), Ravil Maganov (First Executive Vice-President of the JSC LUKoil), Vladimir Nekrasov (First Vice-President for Refining, Marketing and Distribution), Anatoly Barkov (Vice-President, Head of the Main Division of General Affairs, Corporate Security and Communications), Ivan Maslyaev (Head of the Main Division of Legal Support), Alexander Matytsyn (Vice-President, Head of the Main Division of Treasury and Corporate Financing), Anatoly Moskalenko (Head of the Main Division of Human Resources), Leonid Fedun (Vice-President, Head of the Main Division of Strategic Development and Investment Analysis), Evgueni Havkin (Secretary of the Board of Directors, Head of the Board's Office), Lyubov Khoba (Chief Accountant), Dzhevan Cheloyants (Vice-President, Head of the Main Division of Oil and Gas Production and Infrastructure), Vagit Sharifov (Vice-President, Head of the Main Division of Control and Internal Audit). [7]
[edit] Motorsport issue
The company owns a RAF Formula F1600 team nicknamed Lukoil Racing Team.
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[edit] References
[edit] External links
- LUKOIL official site
- LUKOIL's US Site
- Getty's Official Site
- Peter Gelling and Azi Paybarah, "Same Gas, Lower Prices," Queen's Tribune, June 17, 2005.
- Sean Seid, "Sen. Schumer Out Against Gas Price Gouging," The Epoch Times, September 5, 2005: "Senators Charles E. Schumer and Jon S. Corzine are calling for the Federal Trade Commission (FTC) to investigate possible gasoline price gouging on already high gasoline prices caused by Hurricane Katrina in the New York and New Jersey Metropolitan area. The two senators held a press conference at a Luk Oil gas station in Manhattan on Labor Day."
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