Lukoil, a Russian oil company, calls for an end to the war in Ukraine

Lukoil, Russia’s second-largest oil company, appeared to distance itself from the president Vladimir V. Putin Thursday by calling for a...

Lukoil, Russia’s second-largest oil company, appeared to distance itself from the president Vladimir V. Putin Thursday by calling for a “quick resolution” to The Russian invasion of Ukraine.

The statement most likely reflects the company’s desire to protect its extensive overseas operations, which include a network of more than 200 franchised gas stations in states including New York and New Jersey. Lukoil is one of the most recognizable Russian brands in the United States.

Many lawmakers in Washington are pressuring the Biden administration to ban the purchase of Russian oil by American companies and to impose sanctions on Russian energy companies. Shares of Lukoil on the London Stock Exchange have fallen more than 40% since mid-February.

Lukoil has long projected a more independent image than Rosneft, the state-controlled company that dominates Russia’s oil industry. Lukoil was founded in 1991 as a state enterprise as the Soviet Union was collapsing. The company went private in 1993, and seven years later acquired Getty Oil, an American company, which gave Lukoil a network of American gas stations.

“We stand for the immediate cessation of the armed conflict and duly support its resolution through the negotiation process and through diplomatic means,” Lukoil said in a letter to shareholders on Thursday.

It was unclear whether the move was a sign that the leaders of Russia’s largest private company were breaking with Mr. Putin, or primarily an effort to persuade Western executives, business partners and customers to continue doing business with the country. ‘business.

“This indicates that they realize it will be difficult for them to engage in international trade, let alone retail in the United States,” said Tom Kloza, global head of energy analysis at Oil Price. Information Services. “I would call a Russian brand of gasoline the 21st century equivalent of the scarlet letter.”

While petroleum products are Russia’s biggest import to the United States and Europe, Russian products and sports teams have become pariahs. Several states have banned Russian vodka saleand restaurants, shops and bars across the United States have removed Russian spirits from their shelves.

The Newark City Council on Wednesday voted to suspend the business licenses of local Lukoil gas stations.

Lukoil stations in the United States sell fuel produced in many countries, including the United States. They are operated as independent franchises and represent a small fraction of Lukoil’s operations. The company has subsidiaries in about 30 countries, including those involved in oil and gas exploration and production in Azerbaijan, Egypt, Colombia and Iraq. The company’s largest reserves are in Russia, particularly in Western Siberia.

In its letter to shareholders, Lukoil said it “is making every effort to continue stable operations in all countries and regions of its presence, fulfilling the core mission – to provide reliable energy supply to consumers around the world”.

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Newsrust - US Top News: Lukoil, a Russian oil company, calls for an end to the war in Ukraine
Lukoil, a Russian oil company, calls for an end to the war in Ukraine
Newsrust - US Top News
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