The Issue
Russian independent Lukoil has long been one of the country’s most active companies abroad. With minimal prospects for domestic expansion the company remains hungry for geographic diversification. The war in Ukraine has complicated its efforts but it continues to find willing partners in countries with friendly — or at least neutral — policies toward Russia including those in the Middle East, Africa and Latin America. The company is shifting its focus away from exploration ventures and toward producing assets as it looks to generate cash flow and balance possible political complications at home.

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