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LUKOIL Overseas is part of LUKOIL, Russia’s largest private oil company, and represents its interests in the area of international oil and gas production. 1994 may be considered the start of LUKOIL's international expansion, when a 10% stake was acquired in the project of development of Azerbaijan's largest field in the Caspian Sea, Azeri-Chirag-Guneshli. Over 1995-1997 LUKOIL continued its international activity, joining other oil and gas projects such as Karachaganak, Kumkol and Tengiz (Kazakhstan), Meleiha (Egypt), Shah-Deniz (Azerbaijan) and West Qurna-2 (Iraq). The Company’s mission is to consistently increase the value of LUKOIL stock, by continually increasing efficient oil and gas reserves and production abroad in priority countries and regions of activity. The Company’s main goal is to lead its peer group of transnational corporations in terms of main performance indicators, production volume and scale of operations. This approach forms the basis of LUKOIL Overseas’ ten-year strategy adopted in 2007. LUKOIL Overseas is successfully meeting this challenge by reinforcing its status on the international energy market and qualitatively improving its production and economic performance. The main principles of the Company's operations are efficiency, competitiveness, investment attractiveness, and a balanced approach to serving the interests of its shareholders, partners and employees. The Company ensures the full compliance of its activities with international environmental protection requirements and standards for performance, competitiveness and transparency, as well as the social and cultural features of the regions and countries of its operations.