Copyright thehindubusinessline
US President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia's largest oil companies, Lukoil and Rosneft, in Washington's toughest measures against Russian business during the war with Ukraine. Following are key facts about the companies, which together account for around half of Russia's total oil production: * The company is headed by Igor Sechin, a long-standing ally of President Vladimir Putin. * Oil and gas condensate production reached 184 million metric tons, or 3.7 million barrels per day, in 2024, accounting for around 3.3 per cent of global oil output. It earned 1.08 trillion roubles ($13.28 billion) last year. * Rosneft's refining volumes were 82.6 million tons in Russia in 2024. International business: * Private refiner Reliance, which operates one of the world's largest refining complexes in western India, last year signed a giant 10-year deal with Rosneft to supply nearly 500,000 bpd of crude. * Rosneft also owns a 49 per cent stake in another major Indian refiner, Nayara, whose 400,000 bpd Vadinar refinery relies exclusively on Russian oil imports. The refiner already faces European Union and British sanctions, which have caused it to reduce its operating rates, though it is unlikely to fully cease importing Russian crude. * Headquartered in Moscow, the second-largest Russian oil producer accounts for around 2 per cent of global oil output. * Oil and gas condensate reached 80.4 million tons in 2024 in Russia. Lukoil earned 848.5 billion roubles in 2024. * Lukoil's refining volumes were 54.3 million tons in Russia in 2024. International business: * Lukoil is developing oil at Iraq's West Qurna 2 oilfield, one of the world's largest. The company has a 75 per cent stake in the field, while Iraq's state-owned North Oil Company holds 25 per cent. * Interfax news agency reported in April that production at the field stood at more than 480,000 bpd. Published on October 23, 2025
