On September 15, the UK imposed financial sanctions on the Russian energy giant Lukoil. The sanctions document likely exempts financial restrictions on companies associated with Lukoil's interests in the Shah-Deniz project, the Southern Gas Pipeline Company, and TengizChevroil.
In other areas, Lukoil will be affected by the British sanctions. Currently, Lukoil’s Georgian subsidiary has released its financial results for 2024. The company’s 2024 revenue reached GEL 762.5 million (about USD 280 million), up by roughly GEL 279 million from the previous year. Net profit nearly doubled to GEL 35.5 million.
Petroleum products purchases accounted for most Lukoil expenditures, totaling 703.8 million GEL. Wage costs amounted to GEL 13 million, while amortization expenses stood at GEL 3.5 million.
GEL 566.8 million of the total revenue came from the oil products sales on the wholesale market and GEL 195.7 million from retail sales. In addition, GEL 3.8 million was earned by shops located at petrol stations.
During 2024, the company fully repaid a loan of GEL 8.25 million and met the end of the year without obligations.
Lukoil Georgia assets hit 134.8 million GEL, of which 32.7 million GEL is cash.
The company operates 60 fuel stations across Georgia, 24 owned directly, 26 leased, and 10 franchised, and sources most of its fuel from Lukoil Neftohim Burgas AD in Bulgaria, part of the wider Lukoil Group.
During 2024, the company repaid all outstanding loans totaling 8.25 million lari, closing the year debt-free with assets worth 134.8 million lari, including 32.7 million lari in cash.
Earlier this year, Lukoil Georgia’s ownership was transferred from LITASCO SA to Lukoil International GmbH, which remains under the control of Lukoil PJSC, the Russian parent company.
