Lukoil

PJSC Lukoil (Russian: ПAO Лукойл) is a Russian multinational energy corporation headquartered in Moscow, specializing in the business of extraction, production, transport, and sale of petroleum, natural gas, petroleum products, and electricity. It was formed in 1991 when three state-run companies from western Siberia merged. The original companies were named after the towns in Khanty–Mansi Autonomous Okrug where each was based: Langepasneftegaz, Urayneftegaz, and Kogalymneftegaz. Its new name is the combination of the acronym LUK (initials of the oil-producing cities of Langepas, Uray, Kogalym) and the English word oil. Lukoil is the third largest company in Russia after Rosneft and Gazprom, and the country's largest non-state enterprise in terms of revenue, with ₽4,744 billion in 2018. In the 2020 Forbes Global 2000, Lukoil was ranked as the 99th-largest public company in the world. Internationally, it is one of the world's largest crude oil producers. In 2019, the company produced 87.488 million metric tons of oil (1.639 million barrels per day) and 35.046 billion cubic meters of natural gas. In 2021, it had operations and subsidiaries in more than 30 countries around the world, but as of 2025, that was down to 14 countries. The company's revenue amounted to 2.9 trillion rubles in 2022, and reached 3 trillion rubles in 2024.