TBILISI, October 16 – The British government has imposed new financial sanctions on Russia’s Lukoil, but the company’s Georgian subsidiary has reported its best results in years, according to recently published financial statements.
The sanctions, introduced by the United Kingdom on September 15, target Lukoil’s global operations but make specific exceptions for its participation in several major international projects. These include the Shah Deniz pipeline in the Caspian Sea, the South Gas Corridor, and the TengizChevroil joint venture in Kazakhstan.
In Georgia, however, Lukoil’s business appears unaffected. The company’s 2024 revenue reached 762.5 million lari (about USD 280 million), up by roughly 279 million lari from the previous year. Net profit nearly doubled to 35.5 million lari, according to figures published by Business Media.
Most of the company’s expenses, 703.8 million lari, went toward purchasing petroleum products, while 13 million lari was spent on salaries and 3.5 million lari on depreciation and amortization.
Lukoil Georgia’s wholesale fuel sales brought in 566.8 million lari, while retail sales accounted for 195.7 million lari. The convenience stores located at its gas stations generated an additional 3.8 million lari in revenue.
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. (BM.)
