In 2007, LUKoil cut its oil exports and expanded oil refining at Russian refineries due to the high rate of return on refining operations, the company said.

LUKoil, which accounts for about 1.3% of global oil reserves and 2.1% of world crude output, develops its main deposits in Western Siberia. The company contributes 18% of Russia's oil output and 18% of national oil refining.