high resilience

1

HIGHRESILIENCE

September, 2021

2

Forward-Looking

Statements

▪ Certain statements in this presentation are not historical facts but are “forward-looking”. Examples of such

forward-looking statements include, but are not limited to:

– projections or forecasts of revenues, income (or loss), earnings (or loss) per share, dividends, capital

structure or other financial items or ratios

– statements of our plans, objectives or goals, including those related to products and services

– statements of future economic performance

– and statements of assumptions underlying such statements.

▪ Words such as “believes,” “expects,” “assumes,” “projects”, “intends” and “plans” and similar expressions are

intended to identify forward-looking statements, but are not the exclusive means of identifying such

statements

▪ By nature, forward-looking statements imply certain inherent risks and unclear points, both general and

specific, and there is a risk that plans, expectations, forecasts and other forward-looking statements will not

be realized. You should be aware that a number of important factors could cause actual results to differ

significantly from the plans, objectives, expectations, estimates and intentions expressed in such forward-

looking statements.

▪ When relying on forward-looking statements, you should carefully consider the foregoing factors and other

uncertainties and events, especially in light of the political, economic, social and legal environment in which

we operate. Such forward-looking statements speak only as of the date on which they are made, and we do

not undertake any obligation to update or revise any of them, whether as a result of new information, future

events or otherwise. We do not make any representation, warranty or prediction that the results anticipated by

such forward-looking statements will be achieved Such forward-looking statements represent, in each case,

only one of many possible scenarios and should not be viewed as the most likely or standard scenario.

3

LUKOIL –

a unique

investment

proposition in

Oil&Gas

Focus on delivering long-term shareholder value

▪ Distribution of

at least 100% of

adjusted free

cash flow

▪ Embedded oil price

downside protection

▪ Well-positioned for

higher oil price

scenario

▪ Combination of

business and free

cash flow growth

even in conservative

macro scenario

▪ Highly competitive

industry position

▪ Solid financial

standing

▪ Disciplined

investment

approach

▪ Clear focus on

efficiencies and

increasing returns

Excellence in corporate

governance

Adhering to

sustainability

principles, carbon

management system

4

Efficient and

sustainable

business model

with significant

potential

Gas processing Shipping

terminals

Oil refining Filling stations

Exploration Petrochemistry

Production Power generation

▪ >30 countries

▪ 15 bln boe proved reserves

▪ 2.06 Mboepd production

▪ 1.2 Mboepd refinery throughput

▪ 37 bln boe reserves and resources (3P+3C)

Vertically integrated business

2020 financial results:

▪ EBITDA $9.5 bln

▪ FCF $3.9 bln

5

Leadership in

proven

hydrocarbon

reserve life(2020)

Hydrocarbon production

Mboepd

Proven reserves

bln boe

Hydrocarbon reserve life

years

Oil Gas

Inte

rnationalpeers

LUKOIL production ex. West Qurna-2

International peers: BP, Eni, ExxonMobil, Chevron, ConocoPhillips, Shell, Total

*

1.6 2.06

20

11.7 15.4

6

Existing refining

assets - leadership in

efficiency, basis for

strategy

Nizhny

Novgorod

Zeeland

Perm

Saratovorgsyntez

Stavrolen

Ukhta

ISAB

Petrotel

Burgas

Light products

yield >65%

Refineries

in Russia

Petrochemistry,

gas processing

Nelson index

>7.0

Capacity

>10mt

Volgograd

Usinsky GPP

Lokosovsky GPP

Korobkovsky GPP

Oil refinery throughput to

oil production ratio73 %

Refineries in Russia and Europe8

Petrochemical and gas

processing facilities9

mln tons refinery capacity83

Nelson index9.1

Refineries

in Europe

7

Leadership in

efficiency

Russian O&G: Gazprom neft, NOVATEK, Rosneft

International O&G: BP, Chevron, ConocoPhillips, Eni, ExxonMobil, Shell, Total

▪ High-quality production structure in

upstream

▪ High refining coverage

▪ Superior quality of refining fleet

▪ Access to premium markets and

sales channels

▪ High investment discipline

International O&GRussian O&G

23

10

Free cash flow per boe (1H21)

$ per boe

EBITDA per boe (1H21)

$ per boe

8

Well positioned for

market recovery

9

Well positioned

for market

recovery

High operational flexibility

▪ ability to quickly ramp-up production by

maintaining spare capacity

▪ ability to quickly increase refinery throughput

volumes as margins recover

Significant upstream recovery

potential

▪ significant potential to ramp-up production

▪ growing share of priority projects in production

Significant downstream

recovery potential

▪ extremely low mid distillates crack spreads

▪ potential to increase refinery throughput volumes

▪ higher light product yield in 2021

Additional focus on improving

efficiency▪ cost savings above the original plan

Effective capital return policy ▪ higher dividends as free cash flow increases

10

Higher production at

mature fields due to partial

lifting of OPEC+

limitations

Scheduled maintenance

works at Uzbekistan

projects in 2Q21

Mature fields

Hard-to-recover

New projects

Gas in Russia

Hydrocarbon productionKboepd

Key operating

results

(Upstream)Total

WQ-2

Priority projects: V. Filanovsky, Yu. Korchagin, Yaregskoye, Usinskoye (Permian deposit), Imilorskoye, V. Vinogradov, Sredne-Nazymskoye, Pyakyakhinskoye as well as

other TAI projects excluding license areas that have been transferred into TAI regime based on high reserves depletion criterion.

357534 427

139

148150

1,207

1,1921,231

278

279257

8246

35

1,9822,152

2,065

0

500

1000

1500

2000

2500

3000

2Q20 1Q21 2Q21

416 480

139149

1,310 1,212

290 268

68 40

2,155 2,108

0

500

1000

1500

2000

2500

3000

1H20 1H21

(4.0%) (2.2%)

(7.7%) (7.6)%

3.3% (7.5%)

1.4%

(20.0%)

7.3%

15.3%

2Q21 /

1Q21

1H21 /

1H20

25% 27% - +2 p.p.Share of priority

projects in oil

production

27% 28% 27%

Share of gas 22% 24% (5 p.p.) +2 p.p.21% 27% 22%

11

Effective

production

management

within OPEC+

limitations

Production management

based on economic

efficiency

Spare capacity breakdown

(August 2021), %

LUKOIL oil production in Russia

excluding gas condensate, Kbpd

56%

24%

16%

4%

West Siberia

Timan Pechora

Ural region

Other

~90Kbpd

0

500

1000

1500

2000

20

19

1Q

20

Apr-

20

Ma

y-2

0

Jun

-20

Jul-

20

Aug-2

0

Sep-2

0

Oct-

20

Nov-2

0

Dec-2

0

Jan

-21

Feb

-21

Ma

r-21

Apr-

21

Ma

y-2

1

Jun

-21

Jul-

21

Aug-2

1

-310+210

12

North

Caspian

1H21 results

▪ Filanovsky

two production wells commissioned

▪ Korchagin

one production well commissioned

▪ Grayfer

construction readiness of the production

and living platforms is 80% and 87%

respectively

2H21 plans

▪ Filanovsky and Korchagin:

drilling program

▪ Grayfer: infrastructure development

Advantages

▪ Short transportation leg,

high quality of oil

Hydrocarbon production Kboepd

175 180171

181175

2Q20 3Q20 4Q20 1Q21 2Q21

13

Development of

offshore projects in

the Baltic Sea

year of commissioningoil production plateau

1.8 mln t 2024recoverable oil reserves

20 mln t

Infrastructure

facilities

▪ Wellhead mini-platform

▪ Drilling from a jack-up rig

▪ Multi-phase pipeline

▪ Two underwater cables

▪ Coastal infrastructure

Low carbon

footprint and

high economic

efficiency

▪ Making use of computer-assisted control and

management system

▪ No associated gas flaring and power generation in the

sea

▪ Making use of environmental friendly vessels and

construction machinery, zero discharge

▪ Proximity to customers

▪ Tax regime for offshore fields

Final investment decision made on D33 project in the Baltic Sea with

commissioning in 2024

14

Hard-to-recover:

high viscous oil High viscous oil productionKbpd

Advantages

▪ Substantial production growth

potential subject to tax incentives

1H21 results

▪ Yaregskoye

50 underground wells commissioned,

steam generation facilities

commissioned

▪ Usinskoye

25 production wells commissioned

2H21 plans

▪ Completion of current development

phases

9297 96 95 97

2Q20 3Q20 4Q20 1Q21 2Q21

15

Hard-to-recover:

low permeability Oil productionKbpd

Advantages

▪ Substantial production growth

potential

1H21 results

▪ Imilorskoye

53 production wells and 21 injectors

commissioned

▪ Sredne-Nazymskoye

18 production wells commissioned

2H21 plans

▪ Imilorskoye

commissioning of 36 production wells

▪ Sredne-Nazymskoye

commissioning of 34 production wells

5154 54

5658

2Q20 3Q20 4Q20 1Q21 2Q21

Production at Imilorskoye, Sredne-Nazymskoye, Vinogradov fields

16

Development of

offshore projects

in Mexico

Paraíso

Coatzacoalcos

MEXICO

Block

12Block

10Block

28

Blocks 10 and 12Area 4

peak daily

hydrocarbon

production

preliminary estimate of

discovered initial geological

reserves at Block 10

recoverable hydrocarbon

reserves of two blocks

(80% oil)

564 mln bbls 115 Kboepd 350-500mln bbls

▪ Block 10

two wells drilled, two

fields discovered

▪ Block 12

drilling of the first

exploration well started in

August 2021

▪ In July 2021 an agreement was signed to acquire 50%

operator interest in the project

▪ Transaction value: $435 mln plus expenditures in 2021

▪ Sea depth: 30-45 meters

▪ Contract type: PSA

▪ Partner: PetroBAL (conglomerate GrupoBAL)

Area 4 (two

blocks)

Operator

projects

Non-operator

projects

The completion of the transaction is subject to certain conditions, including approval by the Mexican authorities.

17

Gas projects in

Uzbekistan Hydrocarbon production (LUKOIL share)Kboepd

1H21 results

▪ Scheduled maintenance works in

2Q21

2H21 plans

▪ Maintaining designed production level

Advantages

▪ Proven track record in the region

▪ Gas sales at international prices

(export to China)

82

61

202

250

149

2Q20 3Q20 4Q20 1Q21 2Q21

Scheduled

maintenance

18

Key operating

results

(Downstream)

Russia

Europe

Throughput volumes at own refineriesKbpd

Light product yield

Russia

Europe

Fuel oil

Mid-distillates

Mid-distillates include diesel fuel, jet fuel, bunker fuel

748 817 838

342360

430

1,0891,176

1,268

2Q20 1Q21 2Q21

2Q21 /

1Q20

1H21 /

1H20

814 827

419 395

1,233 1,222

1H20 1H21

70% 68% 70%

77% 77% 78%

5% 7% 7%

52% 50% 53%

71% 69%

76% 78%

6% 7%

51% 51%

+2 p.p. -2 p.p.

+1 p.p. +2 p.p.

- +1 p.p.

+3 p.p. -

2019 average

7.8% (0.9%)

19.5% (5.6%)

2.6% 1.6%

Refineries in Russia and

Europe recovered

throughput to 94% and 87%

of pre-pandemic level

respectively

Higher light products output

in 2Q21 due to higher

gasoline and diesel fuel

production in Russia and

Europe

19

Priority sales

channelsRefined products sales volumes at filling stationsin Russia and internationally, th.t per day

Jet fuel sales volumes (in a form of aircraft

fueling) th.t per day

Aircraft

fueling

Filling

stations0

10

20

30

40

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Jul-21 Aug-21

0

2

4

6

8

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Jul-21 Aug-21

2019

Change

to 2019

Change

to 2019

2019

-15% -71% -48% -44% -42% -30%

-7% -22% -5% -7% -9% -3%

-20%

+1% 0%

-31%

▪ Average daily sales volumes

recovered to 2019 level

▪ Significant improvement in

demand dynamics in 2Q21 Y-o-Y

20

▪ Feedstock capacity – 1.0 mln t pa

▪ Input: tar

▪ Output: deasphaltisate

increased production of oils with improved

features

reduced energy consumption

reduced fuel oil production


▪ Input: straight run light naphtha

▪ Output: high-octane gasoline component

increased gasoline production

reduced production of straight-run naphtha


▪ Input: heavy residues

▪ Output: diesel fuel, straight-run gasoline, gas

fractions, vacuum gasoil, coke

synergy with catalytic cracking units

increased light product yield

reduced fuel oil production

Selective projects

at Russian

refineries

ParametersProject

Isomerization unit

Delayed coker

Nizhny Novgorod

Deasphaltizing unit

Volgograd

Completion rate

Launch in

4Q21

95%

Launched in

June 2021

100%

Launched in

January 2021

100%

Completion rate as of the end of 2Q21

21

Financial

results 2Q21 1Q21 % RUB bln 1H21 1H20 %

2,202 1,876 17.3 Sales 4,078 2,652 53.8

340 314 8.1 EBITDA 654 295 2.2x

221 224 (1.3) Upstream 445 182 2.4x

127 120 5.6 Downstream 247 119 2.1x

190 157 20.5 Profit (loss) to shareholders 347 (65) -

104 107 (2.8) CAPEX 211 247 (14.6)

112 164 (31.4) Free cash flow (FCF) 276 81 3.4x

212 188 12.9 FCF before working capital 400 45 8.8x

(114) (24) - Net financial debt (114) (16) -

Record high FCF

before changes in

working capital

Record high EBITDA

22

Financial

position(as of 30.06.2021)

Credit lines*

Cash and

cash

equivalents

*Stand-by revolving committed credit lines.

Debt structure (excluding leases)

Moody’s Baa2 (stable)

S&P BBB (stable)

Fitch BBB+ (stable)

Credit ratings

RUB bln

Net financial debt /

EBITDA: -0.1

555442

13 51124

40 13

200

294

189

2H21 2022 2023 2024 2025 2026 and later

Leases

Total debt

RUB 631 bln

Financial debt maturity schedule

74%

74%

88%

99%

26%

26%

12%

1%

Eurobonds…

Fixed /Vari…

Unsecured…

USD /EUR…USD / Other

Unsecured / secured

Fixed / variable

Eurobonds ($) / other

23

2021

outlook▪ Hydrocarbon production growth by ~4% (ex. WQ-2) in current OPEC+ parameters

▪ Caspian: drilling program at production projects, works on Grayfer field development

Baltics: final investment decision on D33 project, start of field infrastructure

development

Upstream

▪ Flexible management of refinery throughput and product mix depending on macro

environment

▪ Launch of delayed coker unit (in 4Q21) and isomerization unit (launched in June 2021) at

Nizhny Novgorod refinery, launch of deasphaltizing unit at Volgograd refinery (launched

in January 2021)

▪ Further work on petrochemical projects

Downstream

▪ CAPEX (ex. West Qurna-2): RUB 470-490 bln

– Upstream / Downstream – 75% / 25%

– Russia / International – 85% / 15%

▪ Strategy update

Finance and strategy

24

Competitive ESG

positions

25

Sustainable

developmentsystematic approach,

continuous

improvements

▪ High industrial safety

standards

▪ Staff motivation and

development

▪ Improving the quality of

life in the regions of

presence

▪ Development of a carbon

management system

▪ Reducing negative

impact

▪ Emergency

preparedness and rapid

response

▪ Diversified Board of Directors

▪ Control over sustainable

development issues at the

Board level

▪ High transparency and

positions in sustainability

ratings

ENVIRONMENTCORPORATE

GOVERNANCE

SOCIAL

RESPONSIBILITY

Integration of sustainable

development issues into

management, strategy and

motivation system

Contributing to the

UN Sustainable

Development

Goals

environmental protection

in 2018-20

industrial safety, personnel,

social projects in 2018-20

share of independent

directors

55 %RUB 94 bln RUB 133 bln

26

Adopting

leading

practices

2008

Joining UN Global

Compact

2014

First CDP

report

2015

Signing cooperation

agreement with

WWF

Joining the World bank

initiative on zero routing

flaring of APG by 2030

2017Compliance with best

international standards

Management: ISO14001,

OHSAS 18001

Reporting: GRI, UN Global

Compact

GHG Emissions: CDP, GHG

Protocol2019

Working on transition to

ISO 45001 standard

(from OHSAS 18001)

2020

Conducting inventory of GHG

emissions sources and indirect

emission calculation

2004

First CSR

report

2012

Signing agreement with

International Labour Organization

2017

First independent non-

financial audit by

KPMG

Raising role of Board in

Sustainable Development

issues

2019

2020

Cooperation with leading

international

organizations

Inclusion of

climate topic in

Group HSE Policy

27

Severneftegaz

Yamalneftegaz

Continuous permafrost

LUKOIL-West Siberia

LUKOIL-Komi

LUKOIL-Perm

RITEK

LUKOIL-Nizhnevolzhskneft

LUKOIL-Kaliningradmorneft

Managing risks

in permafrost 7%

4%

10%

of liquids production in

Russia

of pipelines and tanks in

Russia (age <30 years)

of infrastructure

maintenance costs

Integrated approach to ensuring the reliability of assets in permafrost

▪ Determining the presence of permafrost based on geological surveys

▪ Use of special standards and regulations in design and construction

▪ Regular monitoring of the condition of foundations and soils

▪ Systematic maintenance, timely repair and replacement of equipment

▪ Maintaining readiness for emergency response

LUKOIL assetsin permafrost

Yamalneftegaz and Severneftegaz are parts of

LUKOIL-West Siberia and LUKOIL-Komi

respectively

Vertical storage tank at Pyakyakhinskoye field

(Yamalneftegaz)

28

Sustainable

developmentsystematic approach,

continuous improvements

80/100

Rating С (from C-)non-public rating

67/100 2/4 (2019)

Published Sustainability

Report for 2020

consistent with GRI,

SASB, UNCTAD and

IPIECA

ESG rating* 46 (from 30)#1

among Russian oil companies

Rating 7.5 (+1)#2


Rating BBB (from BB)#1


ESG ratings upgrades since the start of 2020

Risk rating 35 (from 42)#2


Rating C (from D)#2


The Report has passed independent

verification and public assurance

procedure

Among the industry leaders in ESG

transparency

Stable leadership positions in the leading

international ESG ratings

*S&P Global Corporate Sustainability Assessment (CSA)

29

Climate strategy

highlights

30

0

20

40

60

80

100

120

2020 2025 2030 2035 2040 2045 2050

Liquids demand

scenarios

Liquid hydrocarbons demand scenarios

Mbpd

2.6

1.8

1.5

Global

temperature

increaseOC

2.0

Peak

demand

Evolution scenario

▪ Meeting established national

targets for greenhouse gas

emissions

Equilibrium scenario

▪ Balancing climate goals with

energy availability

Transformation scenario

▪ Radical changes in the global

energy and industry1.5-2.0OC range

31

Basic

assumptions of

the scenarios

12%20%

41%50%

70%

Share of recycled plastic in polymer

production

0.04

6

1012

16

2%

61%

83%92% 92%

Share of electric vehicles in new

passenger car sales

2%17%

26% 30%40%

Share of RES (sun + wind) in primary

energy consumption

by 2050

2019

Negative emissions (CCUS + NBS)

bln t СО2e

2.6 1.8 1.52.0 2019 2.6 1.8 1.52.0

2019 2.6 1.8 1.52.0 2019 2.6 1.8 1.52.0

Scenarios assume

▪ acceleration of the average

annual rate of

improvement in energy

efficiency from 1% in

2000-2019 to 1.6-2.0%

▪ emissions reduction by

20-94% by 2050 from 2019

level

32

0

25

50

75

100

125

2020 2025 2030 2035 2040 2045 2050

Supply Demand scenarios and production dynamics

Mbpd

Production of liquid hydrocarbons

at existing projects

The need for new projects and

investments into oil production

remains, even in the most

conservative demand scenario

Existing projects are not enough to meet demand

even in Transformation scenario (1.5OC)

Liquid hydrocarbons include products from APG processing, CTL and GTL products, biofuel base volume production and refinery processing gain

33

Resilience in

any scenario

High competitiveness of

Russian barrels in any climate

scenario

▪ Low breakeven

▪ Low intensity of GHG

emissions

▪ Opportunities to reduce

Scope 1 and Scope 2 GHG

emissions

0

10

20

30

40

50

60

70

80

90

100

110

0 100 200 300 400 500 600 700 800 900 1000 1100 1200

Equilibrium

Transformation

Evolution

2oC

Demand/supply of liquid hydrocarbons, Mbpd

10 20 30 40 50 60 70 80 90 100 110 120

Demand forecasts and liquid hydrocarbons supply in 2030

Production cost,

$ (2020) / bbl

World: new projects

World: mature fields and projects

Russia: mature fields and projects

Russia: new projects

34

Key provisions

of the climate

strategy

MISSION:

RESPONSIBLE

PRODUCER OF HYDROCARBONS

LUKOIL shares the ambition

to achieve net zero

emissions by 2050 and will

explore opportunities for its

implementation for

controlled emissions

(Scope 1 and Scope 2)

Core

business

development

Controlled

emissions

reduction

Climate

initiatives and

opportunities

▪ Improving energy

efficiency

▪ Development of RES

for own needs

▪ Reducing methane

leaks

▪ Carbon capture and

storage projects

▪ Asset portfolio

optimization

▪ Strengthening the

focus on efficiency

▪ Using internal carbon

price in investment

decisions

▪ Conservative oil price

forecast

▪ Climate R&D

▪ Commercial RES

▪ Biofuels and hydrogen

▪ Development of regulatory

environment in Russia

▪ Taking advantage of retail

opportunities

▪ Reforestation

▪ Venture fund

35

Emissions reduction

track record

Continuous improvement

Previous objective to reduce

Scope 1 emissions by 1.2%

exceeded (actual reduction by 3% in

comparable structure)

Increase in the rational use of APG

to 98% (92% in 2016)

Reduction of energy consumption

by 5 million GJ on average per year

Intensity of emissions in Upstream

(Scope 1 and 2), kg CO2e/boe

4850.6

Emissions

(Scope 1 and 2), mln t CO2e

20192016

2125

1st Energy

Saving

Program

21

20192016

48.5

-2 mln t -17 %

1st efficient

APG use

program

Methane

emissions

disclosure

Started to implement

Kyoto Protocol

provisions

Expansion of the

BoD Committee

function with

climate issues

Director responsible

for climate;

Scope 2, 3

disclosure

1st target to reduce

GHG emissions;

Scope 1

disclosure

Participation in

the initiative

‘Zero Routine

Flaring by 2030’

1997 2003 2004 2005

2016 2017 2019 2020

36

Decarbonization

program

Focus on controlled emissions

(Scope 1 and Scope 2)

Updating targets with the

evolution of technology,

regulatory environment and

other factors

Targets on

Scope 1 and Scope 2

emissions in

comparable structure

TARGETS TO REDUCE CONTROLLED GHG EMISSIONS BY 2030

FROM 2017 LEVEL

mln t СО2e

10

g СО2e/MJ

20%

▪ Energy management

▪ Energy saving

▪ RES for own needs

▪ Resource saving

▪ Use of recyclable materials

▪ Optimization of industrial processes

▪ Waste recycling

▪ Useful use of APG

▪ Reducing leaks

▪ Carbon capture and utilization

▪ Heat exchanger service

ToolsTargets

37

Appendix

38

Stock

Highlights

TOP-5 most

liquid

Russian

stocks

ADTV (100d), $ mln

MCap,

$ bln

52 week

range, $ per

ADR

Total MOEX LSE /

NASDAQ

min max

Gazprom 192 158 34 96 3.8 8.1

Sberbank 174 140 34 96 10.1 18.3

LUKOIL 116 86 30 60 51.1 93.8

Yandex 101 34 67 26 56.1 73.8

Rosneft 73 59 14 77 4.4 7.9

Source: Bloomberg, data as at August 27, 2021

LUKOIL share capital structure

39%61%

693 mln

sharesOther

shareholders

Management

and BoD

Main tickers

LSE: LKOD LI

MOEX: LKOH RX

Trading venues

London Stock Exchange (LSE)

Moscow Exchange (MOEX)

Weight in key indices

MSCI Russia: 12.6%

MSCI EM Eastern Europe: 9.7%

MOEX Russia Index: 11.1%

39

$1 $5

$14

$22

$30

$38

$46

$54

$61

$69

0

7%

26%

46%

55%

60%

63%65%

67%68% 69%

0 10 20 30 40 50 60 70 80 90 100

Government take*, $/bbl Government take, % of Urals price

Urals oil price scenario, $/bbl

Natural oil price

hedge with

taxation

The progressive taxation limits

the exposure of Russian oil

producers to oil price swings

The limited benefit when oil

market is on top of the cycle is

flip side of the coin

The tax benefits give boost to

the sensitivity of upstream

earnings to oil price

*Sum of regular MET and export duty rates under standard taxation

40

0

10

20

30

40

50

60

70

80

90

100

Lig

ht p

rod

ucts

yie

ld in

20

19

, % LUKOIL Other refineries in Russia

11% 18% 20% 15% 13%

36%38%

27%30% 38%

5%

6%8%

3%3%

25%* 8%9%

9%

11%12% 22%

36%

Tatneft LUKOIL G-neft Rosneft Surgut

78% 70% 64% 57% 56% Light products yield:

Motor gasoline

Diesel fuel

Jet

Other light products

Fuel oil

Other

*Natural gas liquids, semi-finished diesel fuel, kerosene

Source: CDU TEK, InfoTEK

Throughput in 2019

Strong and

modernized

refining fleet

in Russia

VolgogradPermNizhny

Novgorod

Ukhta

Three large-scale and

right-on refineries benefit

from geography

advantage with proximity

access to European

markets

Sizeable refining fleet

modernization program

completed in 2016

41

CONTACT DETAILS

Tel.: +7 (495) 627-16-96

[email protected]

Alexander Palivoda, Head of IR

Tel.: +7 (495) 981-75-26

Mob.: +7 (906) 789-49-24

[email protected]

Alexander Kornilov, CFA

Deputy Head of IR

Tel.: +7 (495) 981-72-63

Mob.: +7 (909) 986-12-93

[email protected]

high resilience

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