The Transformation of the Business Model of PJSC "LUKOIL" on the Russian Market

Today there are fundamental structural changes in the Russian oil and gas market, wich forcing the largest companies to look at their business from a new angle. Thus, the most important priorities of these companies are to adapt to changing environmental conditions and to define an optimal business model. This study focuses on the transformation of the business model of PJSC "LUKOIL" between 2010 and 2018. In addition, it proposes a transformation of the current business model, taking into account the key trends that are most likely to be on the Russian oil and gas market in 2030. The theoretical significance of the study is due to the possibility of using the developed approach to assessing and analyzing the effectiveness of the business model of oil and gas companies operating in the upstream and downstream segments. The practical significance is justified by the possibility of applying the developed recommendations on the transformation of the business model, as well as the company's adaptation plan to the proposed changes by top management to preserve and strengthen the company's competitive position in the oil and gas market.