LUKOIL and Rostec Sign Cooperation Agreement

President of LUKOIL Vagit Alekperov and General Director of Rostec State Corporation Sergey Chemezov signed an agreement on cooperation in Moscow, today. The signing ceremony, held in the Oil pavilion at VDNKH, one of Moscow’s largest parks and a showcase of historical achievements of Russian economy and technical thought, was attended by Deputy Prime Minister of the Russian Federation Yury Borisov.

According to the document, the parties agreed to develop products and technical solutions that will contribute to the efficiency of production, transportation, processing, refining and sales of hydrocarbons and facilitate supplies of energy resources to consumers across various sectors of economy.

LUKOIL has been for many years supplying various fuels and a wide range of lubricants to businesses, incorporated in Rostec.

“LUKOIL and Rostec share a long history of cooperation. LUKOIL purchases industrial equipment and IT-products to Rostec, while supplying it with our products. We explore probable development scenarios for petrochemistry. Aside from basic polymer production projects, we are also looking into fine chemical industry. Fine chemicals are highly sought for by Rostec. LUKOIL conducts research to develop cutting-edge technologies, which might be used by Russian military-industrial complex,” said Vagit Alekperov.

“The new agreement provides for an upgrade of LUKOIL’s infrastructure by introducing Rostec’s solutions for security, industrial automation, telecommunications and IT, and remote work, the latter being of an especially great interest given the ongoing pandemic. Our partners also express an interest in our unmanned aerial vehicles and the Mi-171A3 offshore helicopter designed for maintenance of offshore drilling platforms,” noted Sergey Chemezov.

Continuous development of cooperation with the state corporation matches priorities of the state policy that addresses technological upgrade of energy enterprises with Russia-made innovative solutions and equipment, and contributes to promotion of high value-added products, offered by fuels and energy complex and the defense industry, at domestic and international markets.

The intentions, envisaged by the agreement, will be implemented by LUKOIL-Rostec joint working groups.

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LUKOIL is one of the largest publicly traded, vertically integrated private 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 operates in exploration and production of oil and gas, oil refining and gas processing, wholesale and retail sales of high-quality oil products, gas processing products and petrochemicals, and power generation. The company plays a key role in Russia’s fuel and energy complex accounting for 15% of national crude oil production and refining.

Rostec State Corporation is one of the largest Russian industrial companies. In total, more than 800 research and production entities spread over 60 Russian regions are united under Rostec’s management umbrella. Rostec operates in a number of core business areas, such as aircraft engineering, radioelectronics, medical equipment production, advanced structural materials production etc. Rostec’s portfolio features famous brands: KAMAZ, United Aircraft Corporation, Russian Helicopters, United Engine Corporation, Uralvagonzavod, Shvabe, Kalashnikov Concern, and many others.