LUKOIL AND ROSATOM CONCLUDE COOPERATION AGREEMENT
Thursday, June 3, 2021
President of LUKOIL Vagit Alekperov and Director General of ROSATOM Alexey Likhachev held a meeting today at the St. Petersburg International Economic Forum and signed a Cooperation Agreement[1].
The document provides for collaboration in import substitution and development of cooperation at Russian and global markets. The parties will join efforts to work on renewable energy and carbon-free technologies, develop and implement environmentally friendly and digital solutions, as well as create equipment and services for Russian fuel and energy complex. The agreement puts a premium on use of composites, motor oil and fuels (including those suitable for cold climate), production of polymer materials, fine and specialty chemicals, second- and third-generation biofuels.
"We share a long history of fruitful cooperation. The new agreement opens up new cooperation horizons in a multitude of domains: green energy, production of polymers and chemicals, creation of digital solutions. By joining our efforts, we will be able to employ the best practices of both companies," said Vagit Alekperov.
"Collaboration with LUKOIL on environmental, digital, import substitution projects in the production of high-tech equipment will expand the use of new developments and technologies that are important not only for the further development of companies, but also for the global development of the country," noted Alexey Likhachev.
[1] The agreement is not legally binding.
PJSC LUKOIL is one of the largest private vertically integrated oil and gas companies in the world accounting for around 2% of the world's oil production and around 1% of the proved hydrocarbon reserves. LUKOIL Group operation domains include oil and gas exploration and production, refining, sales of oil products and petrochemicals, power generation, and marketing. The Company is a major of Russian fuel and energy complex. LUKOIL’s assets in Russia account for 15% of oil production and refining.
LUKOIL’s refineries are located in Russia and Europe, in close proximity to their main target markets. The Company's plants have cutting-edge conversion and reforming capacities, and produce a wide range of high quality petroleum products, including Euro 5 compliant petrol and diesel fuel. In 2012, LUKOIL became the first Russian company that produced exclusively Euro 5 fuels. In 2016, the Company became a pioneer in producing fuels that met the highest emission standard. Sales of the innovative ECTO 100 motor gasoline were launched in 2017.
LUKOIL's retail network integrates around 5 thousand filling stations in Russia, Europe, Asia and North America, allowing to sell fuel in the regions that are closer to the locations of its refineries. The Company operates in 65 regions of Russia and in over 30 countries around the globe. LUKOIL is constantly diversifying its geography. The Company employs over 100 thousand workers worldwide. Over 85 thousand of them work in Russia.
LUKOIL is one of the leaders in Russian oil and gas research. The Company holds over 500 patents and know-hows. It is among the pioneers in the development of technologies of digitization and intellectualization of oil and gas production. One of such technologies is the creation of integrated field models (the Intelligent field project).
State Atomic Energy Corporation Rosatom or ROSATOM is one the global technological leaders. It is a multi-industry holding comprising assets in power engineering, machine engineering and construction, among others. Having competences across the entire nuclear fuel cycle, the corporation boasts the largest foreign project portfolio in the world with 35 power units at different stages of implementation in 12 countries. ROSATOM is the largest producer of electricity in Russia, ensuring over 20% of the country’s energy needs. ROSATOM also ventures into manufacturing equipment and isotopes for nuclear medicine, does research, materials studies, digital products, manufactures various innovative nuclear and non-nuclear products. ROSATOM is engaged into low-carbon generation, including wind energy. The corporation includes about 400 enterprises and organizations employing a total of more than 275,000 people. Since October 2020, ROSATOM has been a member of the United Nations Global Compact, the largest corporate social responsibility and sustainable development initiative for businesses across the world.
