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LUKOIL restructured foreign business

26 December 2016 07:37 (UTC +04:00)

LUKOIL restructured its subsidiary LUKOIL overseas, which manages the mining assets of the company abroad, told “Izvestia” head of the oil company and its co-owner Vagit Alekperov.

According to him, the foreign “daughters” was allocated three largest asset management centre in Dubai, Houston and Tashkent.

"Almost all completed. We now have three separate regions: Houston, Dubai, as well as Uzbekistan", said Vagit Alekperov.

Co-owner of “LUKOIL” Leonid Fedun has explained “Izvestia” that the restructuring was carried out in accordance with the current market demands.

We completed the restructuring of “Oversize”, and it is adapted to the current conjuncture of the world market, — said Leonid Fedun.

In “LUKOIL”, “Izvestia” explained that the aim of reforming structures Overseas is the reduction of administrative costs that occurred when duplicating certain functions of foreign offices.

According to the materials of “LUKOIL”, “LUKOIL overseas” ceases to exist as the managing Director, centre of international projects remain separate representation in Norway, Azerbaijan, Iraq, Kazakhstan, Saudi Arabia, Ghana, Egypt, Cameroon and Nigeria. However, the whole business in the middle East comes under the control of another “daughter” of “LUKOIL” — LUKOIL International Services B. V., with an office in Dubai in 2013 was the Central office “LUKOIL oversiz”.