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Алекперов Вагит

Vagit Alekperov

President, Member of the Board of Directors and Chairman of the Management Committee, LUKOIL
Quotes
24.01.2018
Russia House in Davos 2018
Russian Competitiveness in the Global Energy Sector
“At the moment, we have not reduced our investment cycle; that is because we introduce new capacities today, but we stop these capacities, because we keep the level of oil production in accordance with the deal. If [OPEC+ agreement is] extended for another year, then we will have to revise our investment programmes, because it is unreasonable to set up the potential that is not involved in the economic processes,”
24.01.2018
Russia House in Davos 2018
Russian Competitiveness in the Global Energy Sector
“We have to have certain targets in front of us. The key indicator for us should be the surpluses that we see in the current market today. We were talking about almost 700 million barrels, it is 146 million barrels today, by April, most likely, it will all be balanced, at the current rate of decrease in the overhangs. Then it will already be necessary for the ministries to develop the mechanism to balance the market and to gradually divert from this situation,”
24.01.2018
Russia House in Davos 2018
Russian Competitiveness in the Global Energy Sector
“Our company, and I among others, endorsed the [OPEC+] agreement, because we are well aware that it was a critical situation when the price of oil went below $30 [per barrel], and for us the $50 level was the target that the agreement was aimed at. We overcame $50, reached $60, and that was still not enough for producing countries, and already the $70 [per barrel] level is the benchmark that is being declared today. The situation that occurred in the middle of 2000s can be repeated, when the price popped from $9–$12 [per barrel] to north of $140; then there was the time of active investment in alternative energy, energy efficiency, and so we had the situation that we had, we had the price of $30 [per barrel] once again,”
24.01.2018
Russia House in Davos 2018
Russian Competitiveness in the Global Energy Sector
“Last year, the discovered oil reserves were only 7 billion barrels, although traditionally the numbers would be from 20 to 70 billion barrels. So the investments in geological exploration have been sharply reduced; the next stage, the development, has been suspended: the last three years virtually no major project has moved to a new stage. That will lead to a sharp increase in the price of our product [oil] in the next 3–5 years,”
24.01.2018
Russia House in Davos 2018
Russian Competitiveness in the Global Energy Sector
“Russia’s tax system allows the energy sector to develop. We have one drawback: frequent change of taxation rules in the oil industry. Stability of the taxation system, which can arrive with the tax on added income. I hope that this experiment, which begins in 2019, will develop rapidly, and we will be able to stabilize our tax burden through this system, and to have prospects for the development of major investment projects,”
24.01.2018
Russia House in Davos 2018
Russian Competitiveness in the Global Energy Sector
“Today we are present in the global market with two purposes. We work in partnership with our colleagues: as a rule, they are the largest companies that typically develop megaprojects. So it was in Kazakhstan, Azerbaijan; today it happens in many countries, today we expand rather actively as part of the alliance in the Mexican Gulf, the Mexico’s shelf, in East Africa. That allows us to form new alliances, both technological and financial; we develop joint plans to finance the project… That gives us the opportunity to understand the new regions; our specialists get to know the geology of those regions, and that allows us to make extra money,”
24.01.2018
Russia House in Davos 2018
Russian Competitiveness in the Global Energy Sector
“The oil and gas industry can not develop locally in one country; as a rule, it starts degrading,”
24.01.2018
Russia House in Davos 2018
Russian Competitiveness in the Global Energy Sector
“Presence of the Russian companies outside of Russia today is naturally an opportunity to work in the global market, which is what is happening,”