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Business Operation


Our business model is driven by the principle of efficient vertical integration to create added value and make our business highly resilient through risk diversification.

Intra-group integration steps up competitive advantages and the Company's performance through the application of uniform corporate standards, environmental and social responsibility practices, and technology. Each value generation element in the global oil and gas markets is a chance for us to increase the available capital. The Group cares for the needs of the environment in which operates, taking responsibility for ensuring sustainable and progressive business development.

By producing energy resources, the Group contributes to economic development, creation of new jobs, investments, infrastructure development, and improves the quality of life for millions of consumers.

The Company's activities can be divided into two major business segments:

  • Upstream.

  • Downstream.


Exploration and production of oil and gas are the central pillar of the LUKOIL Group business and account for most of the Company's value. In the Upstream segment LUKOIL disposes of a high quality asset portfolio diversified both geographically and by the degree of depletion and type of deposits.


Developing downstream segment helps us to decrease dependence from the market price volatility and improve our  competitiveness in main operation regions by delivering products of high quality and high added value. Hence LUKOIL protects multi-billion investments in fields’ exploration and development which guarantees stable growth in shareholder returns. LUKOIL delivers a wide range of high-quality oil products, gas processing products and petrochemicals; and manages wholesale and retail sales in 18 countries.