Lukoil was formed in 1991 when three state-run, western Siberian companies, Langepasneftegaz, Urayneftegaz, and Kogalymneftegaz, merged. The initials of the three companies are preserved in the name Lukoil. The central figure in the company's founding was the Soviet deputy minister of oil production Vagit Alekperov. He came to believe the only way Russians could compete against western companies was to copy their business model. That meant vertically integrating the three branches of the industry - exploration, refining, and distribution - that were strictly separate under the old Soviet system. It is one of the largest tax payers of the Russian Federation, and the amount of taxes paid in 2010 is US$30.2 billion. It was one of the first Russian companies to receive full listing on the London Stock Exchange.
In 1994, Lukoil became the first company to begin offering shares of stock on the new Russian Trading System.
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Famous quotes containing the word history:
“We aspire to be something more than stupid and timid chattels, pretending to read history and our Bibles, but desecrating every house and every day we breathe in.”
—Henry David Thoreau (18171862)
“All history is a record of the power of minorities, and of minorities of one.”
—Ralph Waldo Emerson (18031882)
“Literary works cannot be taken over like factories, or literary forms of expression like industrial methods. Realist writing, of which history offers many widely varying examples, is likewise conditioned by the question of how, when and for what class it is made use of.”
—Bertolt Brecht (18981956)