Lukoil

History and General Information
OAO LUKOIL is one of Russia's most successful efforts at capitalism following the breakup of the Soviet Union in 1991. An integrated oil company, involved from the exploration stage to the gas pump, LUKOIL was created when the oil and gas industry was chosen to be Russia's first attempt at privatization. The state-run, western Siberian companies of Langepasneftegaz, Uraineftegaz, and Kogalymneftegaz were merged together to form LUKOIL, with the initials of the three combined to coin the name for the new giant company. LUKOIL, although not the largest of Russia's new private oil companies, is unquestionably the most advanced, attracting foreign investors and partnerships, and trading on the New York Stock Exchange. Russia's oil and gas reserves are sizeable, with eastern Siberia seen as the world's last great unexplored territory that could add greatly to the country's wealth. LUKOIL, which produces about 24 percent of Russia's crude, also operates in 25 other countries. It has a presence in the United States through its purchase of Getty gas stations.