Who owns Lukoil? Russian oil company PJSC "Lukoil"

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Many Russian citizens would like to know who owns Lukoil, one of the largest private oil companies in our country. The recent international economic forum in St. Petersburg shed light on this mystery. The head and co-owner of PAO made a statement. He spoke about who owns Lukoil. Vagit Alekperov previously reported that 50% of the company is owned by foreign investors, he personally owns only 20%, and another 10% of the shares are held by the vice president, Leonid Fedun.

How it was

At a summit on technological innovations and changes in the global energy market, President Vladimir Putin confidently stated that companies in which foreign investors participate produce 25% of all Russian oil. He stressed that we do not have a single large firm without foreign participation. Even the state-owned Rosneft is a joint-stock company. This fragment of V. V. Putin's speech was published bymedia.

After this statement, the President of the Russian Federation directly turned to Vagit Alekperov with a specific question: "Who really owns Lukoil? How many foreigners do you have approximately?" The head of the oil company named the figure - 50%. V. Alekperov himself is the owner of 20% of the shares. But it wasn't always like this.

Earlier, the largest foreign holder of Lukoil shares was the American company ConocoPhillips. In the spring of 2010, she sold her stake (just about 20%). Information about the buyer is not disclosed. It is only known that the sale process was fully completed at the beginning of 2011.

And now we have to figure out who owns Lukoil at the moment. There are still rumors on the Internet that ConocoPhillips is still a strategic partner of this oil company. Allegedly, she owns a blocking stake, and her representatives are members of the board of directors and participate in joint projects. However, this is not the case.

Success

The international vertically integrated company is the largest not only in our country, but also in the whole world. It occupies the top positions in terms of hydrocarbon reserves. Now some specifics. Oil reserves in the fields owned by the company are the largest in the world. All the experts know about it.

PJSC Lukoil Oil Company produces hydrocarbons not only in Russia, but also far beyond its borders. Where exactly? The company owns numerous mining and oil refineries in WesternEurope and Eastern. Therefore, it is not so easy to determine who actually owns Lukoil.

The company sells products through its distribution networks in more than 20 countries around the world. In any case, in the US, Lukoil filling stations are the first in terms of the number of filling stations among other manufacturers. The shares of this company are traded not only on Russian, but also on foreign exchanges, they are among the so-called "blue chips" supplied from the Russian stock market. Where is the main office of the company "Lukoil"? Address (legal): Moscow, Sretensky Boulevard, building No. 11.

Structure

The competitiveness of a company directly depends on the effectiveness of corporate governance. And it is provided by more than one president of PJSC Lukoil. Development is impossible without a well-established management structure that would determine the relationship between shareholders, the executive body and the Board of Directors. Only in this case, investors will be confident in the reasonableness of the funds spent by management. A properly built management structure effectively contributes to the growth of the company's capitalization.

In the PJSC "Lukoil" system, the management has created reliable and trusting relationships between the community of shareholders and investors. Therefore, their cooperation is strong, effective and long. The investment attractiveness of the company is increasing year by year.

The principles of interaction between shareholders and the company itself are as transparent as possible. What is itmeans? Shareholders of PJSC "Lukoil" can follow how the general management is carried out, as well as receive up-to-date information on financial transactions.

Board of Directors

Who is at the head of the corporate governance system? This is the Board of Directors, which manages in the interests of shareholders and investors. It includes independent directors. Such an approach helps to form an objective opinion of the Council on any of the issues discussed. These factors also strengthen the confidence of shareholders and investors in PJSC Lukoil.

Each division of the general structure has its own director. Each of them was elected to the Board at the general meeting of shareholders in June 2017. It is they who now determine the priority areas of the oil company's activities, develop its strategic, medium-term and annual planning, and will also sum up the results of all work. How many directors are on the Board? Only eleven people, including three foreigners (two of them are engaged in personnel policy and remuneration, and one is in investments).

Persons

The President of the company is Vagit Yusufovich Alekperov, who is an executive member of the Board of Directors and Chairman of the Board of the company. This person is written a lot in the media. He has been a member of the Council since 1993.

The Chairman of the Board of Directors is Valery Isaakovich Graifer. This is not his only position. V. Graifer also chairs the Board of Directors of JSCRITEK. In PJSC Lukoil, he was elected to the Board of Directors in 1996.

His deputy is Ravil Ulfatovich Maganov, who is an executive member of the board, the investment and strategy committee, and a member of the company's board. He was the first executive vice president of exploration and production. Member of the Board of Directors since 1993.

Blazheev Viktor Vladimirovich is a member of the Board of Directors, Chairman of the Audit Committee and a member of the Human Resources Committee. Concurrently, he works as the rector of the Moscow State Law University named after Kutafin (MSLA). Member of the Board of Directors since 2009.

It is impossible not to single out one more person. This is Igor Sergeevich Ivanov. He is a member of the Board of Directors, Chairman of the Investment and Strategy Committee, and sits on the Audit Committee. In addition, Ivanov chairs the RIAC Non-Commercial Partnership. Member of the Board of Directors since 2009. The management of the company considers him a valuable employee.

Other members of the Board of Directors

Roger Mannings is a member of the British-Russian Chamber of Commerce. He is a member of the Board of Directors and chairs the Human Resources Committee. He is also an independent member of the Board of Directors of AFK Sistema OJSC, the largest public diversified financial company in Russia and the CIS, engaged in telecommunications, insurance, finance, media business, retail, oil industry, radio electronics, mechanical engineering. This is not a complete list yet. in CouncilR. Mannings has been a director of PJSC Lukoil since 2015.

Introducing another foreign specialist - American Toby Trister Gati. She came to the Board of Directors a year later than Mannings. Now the woman is on the investment and strategy committee, along the way being the president of TTG Global LLC. And before that she was the US Deputy Secretary of State for Research and Intelligence, and also an adviser to Bill Clinton (when he was president) on Russian affairs.

Toby Trister Gati is not going to completely leave politics. But for now, she's content with being a senior advisor to the world's most lucrative lobby group, Akin Gump Strauss Hauer & Feld LLP. She loves Brzezinski. Probably, in order to form an opinion on the composition of the leadership of NK Lukoil, this information must be taken into account, since the business policy of our country directly depends on the worldview of its members.

HR Committee

Richard Matzke is on the Board of Directors of PJSC Lukoil for the second time: first from 2002 to 2009, then re-elected in 2011. The committee deals with personnel and remuneration. He also serves on the Advisory Board of Directors of the US-Russian Chamber of Commerce. That's not all. Richard Matzke also sits on the third Board of Directors - at PHI, Inc. (Project Harmony Inc.), and on the Board of Directors of PetroChina Company Limited, a well-known Chinese oil exploration, production and refining company.

Audit and development strategies

Ivan Pictet is a successful Swiss banker. in Councilhe has been a director of Lukoil since 2012. Works on the audit committee. In addition, he chairs the Boards of Directors of Symbiotics and PSA International SA. In addition, Ivan Pictet is the president of two foundations - Fondation pour Geneve and Fondation Pictet pour le development. Member of the AEA European Advisory Board. We talked about foreigners.

Another two members of the Board of Directors are Russians. This is Leonid Arnoldovich Fedun, who is a member of the Investment and Strategy Committee, and has also held the position of Vice President of the company's strategic development since 2013. And the second person is Lyubov Nikolaevna Khoba. In addition to being a member of the Board of Directors, he is the chief accountant of PJSC Lukoil and its vice president.

About committees

In August 2003, committees were established under the Board of Directors. Each of them had their own goals and objectives. Igor Sergeevich Ivanov - Chairman of the Investment and Strategy Committee. Toby Trister Gati, Ravil Ulfatovich Maganov and Leonid Arnoldovich Fedun work with him. The Audit Committee is chaired by Viktor Vladimirovich Blazheev. And his colleagues are Igor Sergeevich Ivanov and Ivan Pictet. The Human Resources and Compensation Committee is chaired by Roger Manning. Victor Vladimirovich Blazheev and Richard Matske solve questions with him.

The corporate secretary of PJSC Lukoil, Natalya Igorevna Podolskaya, coordinates the actions of the company's management. She is also responsible for communication and interaction betweenBoard of Directors, Shareholders and Executive Management. Under the supervision of the secretary, it is guaranteed that the officials and management of the company comply with all procedural requirements that ensure the implementation of the interests and rights of each shareholder. The Corporate Secretary is appointed directly by Vagit Yusufovich Alekperov.

Single share

In 1995, a number of others were added to the structure of the joint-stock company: Research Institute "Rostovneftekhimproekt", "Volgogradnefteproduktavtomatika" and six more oil companies from Nizhnevolzhsk, Perm, Kaliningrad, Astrakhan. This was both a boon and a problem for Lukoil: five divisions of the company had their own shares, which independently traded on the stock market. Plus shares of the main holding. Exchange players preferred some papers, others did not. And processing plants, unlike mining ones, did not involve traders in the business. That's why they had almost no deals.

When one company has so many different securities, interacting with investors and finding them is very difficult. Switching to a single share was a good idea. At that time, not a single oil company in Russia had yet decided on such transformations. Lukoil was the first. That is why this process was difficult and slow. The entire transition took two years.

Blue chips

The term "blue chip" came to the stock markets from casino lovers. Where did such a name come from? The fact is that the chips of exactly this color are in the gamemore expensive than the others. Now this expression is used for securities or shares of the most reliable, liquid and large companies. These firms boast stable earnings and dividends. When a single share of Lukoil appeared on the stock market, it immediately received the highest interest from investors.

The state got the opportunity to profitably sell its shares. And Lukoil registered with the Commission on Exchanges and Securities (SEC) an application for issuing receipts of the first level on deposits, which were intended for sale in the US on the stock market. Bank of New York has agreed to act as depositary.

Long way

In 1996, the company's depository notes were listed on the Berlin and London stock exchanges. At the same time, joint ventures LUKARCO, LUKAgip N. V (Italy) were created. Lukoil began to form its own tanker fleet, designed to operate in the Arctic Ocean. By 1999, it was fully commissioned. Russian specialists have been waiting for this for a long time.

In 1997 there was a huge disappointment in the amount of two billion tons of Iraqi oil and a very expensive contract broken due to the Kuwait conflict. That's not all. In 1998, there was a crisis with a rapid drop in oil prices throughout the world. The company's budget has been revised. Everything that was low-margin has stopped. But stocks in domestic and foreign markets still fell, and more than 5 times.

Nevertheless, the company continued to acquire. By adviceDresdner Kleinwort Benson and AB IBG NIKoil, financiers, KomiTEK was bought, then immediately one hundred percent of the shares of Nobel Oil, then 50% of the shares of KomiArcticOil (by agreement with British Gas North Sea Holdings Limited) and so on up to the present moment. Unless we can add that in 2004 Lukoil-USA managed to buy 779 Lukoil gas stations from ConocoPhilips located in Pennsylvania and New Jersey. Rather, before the acquisition, all gas stations belonged to the Mobil brand, but were quickly transferred to a new trademark.

So who owns Lukoil?

This is what many Russians want to know. However, the president of PJSC "Lukoil" always answered this question evasively. Alekperov said that there is no single shareholder controlling all processes. And he is not ready to discuss the package belonging to the managers. This went on for a long time, until the beginning of 2017.

Now Vagit Yusufovich Alekperov admitted that the main "strength" of the company is management. Although such a goal was not announced, it was already possible to collect a controlling stake.