Event sponsor: Lukoil
The PJSC Lukoil Oil Company is a Russian multinational energy corporation headquartered in Moscow, specializing in the business of extraction, production, transport, and sale of petroleum, natural gas, and petroleum products.
"Langepas, Uray, and Kogalym" oil (Lukoil) was established by the USSR Council of Ministers Decree No. 18 on November 25, 1991 as a state-owned enterprise. In the new company, three oil production companies, Langepasneftegaz, Uraineftegaz, and Kogalymneftegaz, processing company Permnefteorgsintez, and the Volgograd and Novosibirsk refineries, were merged (the latter soon came under the control of the authorities of Bashkortostan).
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 separate under the old Soviet system.
On April 5, 1993, Lukoil transformed itself from a state-owned enterprise to a private open joint-stock company based on Presidential Decree No. 1403 of November 17, 1992. The Decree also applied to other state-owned oil companies as well.
Oil and gas production
The company's proved hydrocarbon reserves as of January 1, 2011 amounted to 17.255 billion barrels of oil equivalent, including 13.319 billion barrels of petroleum and 0.67 trillion cubic meters of natural gas. In terms of proved oil reserves, Lukoil, according to its own information, was the sixth-largest private oil company in the world at the time.