The company that would one day evolve into Rusneftegaz was first founded in 1999, chiefly to facilitate the acquisition of the Losinovskoye oil field in Ukhta, the Komi Republic. Following additional investment, our business rapidly increased in size with the purchase of further hydrocarbon deposits throughout the Timan-Pechora basin, which over the subsequent decades, developed into the main production base of our new business. In our formative years, we did not solely focus on fuel and energy, but accumulated a broad range of investments across many industries. This strategy, however, was to be consequential for us, and in 2005 it was decided that we needed to curtail our operations outside the scope of petroleum and power for our long-term benefit. This decision was to prove pivotal, and in the immediate aftermath, we began a prolonged period of rapid expansion.
During this timeframe, we invested in numerous oil projects and accrued a significant array of assets from local and global corporations operating in Russia. Consequently, Rusneftegaz continued our exceptional growth and ultimately managed to retain our independence, despite many other domestic oil businesses being absorbed into larger groups and a worldwide financial crisis in the late 2000s. Extraction rates escalated substantially, and our electricity generation division thrived, reaching a peak in 2012 when our then-managers opted to buy a fleet of oil tankers to enable the export of our goods. It was in this time that we truly established ourselves as the largest independent petroleum producer in the Russian Federation, culminating in our executives traveling the globe to represent us in meetings with both government ministers and senior officials from major international oil companies.
This is due to the fact that for the entirety of our history, Rusneftegaz has been headquartered in Moscow, the capital of Russia and an economic center between Asia and Europe. The city provides us with the opportunity to collaborate with preeminent entities and research institutions working in the oil sector. This particular metropolis also offers us the chance to recruit candidates of unparalleled quality and to provide training at industry-leading standards, guaranteeing the highest levels of efficiency and workmanship. We have always done our utmost to maintain the safety of our personnel, in addition to complying with all relevant rules and regulations, primarily by utilizing the services of qualified, educated, and experienced staff in our operations in the field.
Latterly, Rusneftegaz has focused on improving our existing infrastructure, in lieu of growing our portfolio through further acquisitions. We also continue to operate our affairs in a demure, modest, and unassuming manner, preferring to focus our resolve on achieving results and success instead of reveling in media acclaim. As an aspirational and modern company, we have continued to be successful in fulfilling our obligations to our key stakeholders, not limited to but inclusive of our employees, partners, affiliates, subsidiaries, and shareholders, but also the state, federal government, customers, and the wider public at large. Our directors and managers accomplish this by deploying advanced technology in our production programs, using all our resources rationally and appropriately, and maintaining high standards for our fiscal and social development. This includes sustaining the best environmental and safety practices available, and upholding our commitment to transparency and ethics to ensure proper corporate governance.
Currently, we are led by a skilled team of executives who during their professional careers have amassed decades of combined experience while working in countries around the world. The aspiration to work only with the best and most knowledgeable personnel has ensured that our enterprise has prospered, regardless of any changes in fuel prices or prevailing economic conditions. These appointments have also assisted us with the fulfillment of our strategic goals, which in recent times have included developing a comprehensive plan to commence physical commodity trading at a new base in New York, in conjunction with creating an approach to mitigate the effects of the coronavirus pandemic on both our company and our staff. As an exceptionally ambitious organization, this will also include assisting us with realizing our long-term vision for our corporation. For instance, this principally entails continuing the modernization of our current production capacities and rapidly expanding our international petroleum marketing business. Rusneftegaz has always exerted a strong interest in the future of energy and continues to do so, ultimately striving to become a global leader in the industry.