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History. 2003

Expansion of Sales Network in Europe

The Company purchases a controlling interest in the Serbian Beopetrol, operator of a network of around 200 service stations and 8 oil storages that controls about 20% of the Serbian retail fuel market.

Major Project in Iran

Jointly with the Norwegian Norsk Hydro, LUKOIL commences exploration as part of Anaran onshore project in Iran. In 2005, Azar, a large oil field, was discovered within Anaran block. In 2007, the project was frozen due to international sanctions against this country. Following its withdrawal from the project in 2010, the Company leaves open the possibility of its involvement in Anaran after the sanctions against Iran have been lifted.

Concession Agreements in Egypt

Concession agreements for exploration and development of North-Western Geisum and Western Geisum blocks (Egypt) were signed. Other parties to the agreement also include the National Oil Company of Egypt and the government of the Arab Republic of Egypt.

Russian President Vladimir Putin Visited LUKOIL's Service Station in New York

Russian President Vladimir Putin took part in the official opening ceremony of LUKOIL’s service station in New York. The opening ceremony of the Company branded service station in the city center was held as part of the restructuring program LUKOIL was implementing in the USA following acquisition of Getty Petroleum Marketing Inc. in 2000.

LUKOIL Increases its Interest in D-222 Project (Yalama)

A package of agreements was signed with the National Oil Company of the Republic of Azerbaijan. The agreements provided for additional terms of exploration and development of D-222 (Yalama) offshore block in the Azerbaijani sector of the Caspian Sea. According to the new terms and conditions, the contract area of the block was expanded from 1,287 to 3,037 square km, while the Company’s interest increased from 60% to 80%.