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
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats