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
1 April 2025
There is method to the US president’s apparent madness, and those seeking to understand need look no further than their local bookshop
1 April 2025
Strong economic growth targets are encouraging for the country’s energy demand growth, even if meeting those goals might be a tall order
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
