Lukoil: bigger than Rosneft
The investors' darling is prioritising high-margin upstream activities
Lukoil overtook Rosneft for the first time in late March to become Russia's largest oil producer by market capitalisation. But it may have just put a large target on its back. The independently-owned producer, which has been run by Vagit Alekperov since the Soviet Union collapsed, enjoyed a share price bounce in March after presenting its new long-term strategy to investors in London. Promises made by Alekperov to use revenue earned when oil is above $50 to pay investors drove its market value above those of both Rosneft and Gazprom. Lukoil has long been a darling of portfolio investors, due to its progressive dividend policy, Western-style management and by underlining how different it is t
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
