Vagit Alekperov

Vagit Yusufovich Alekperov (Azerbaijani: Vahid Yusuf oğlu Ələkbərov, Russian: Вагит Юсуфович Алекперов; born 1 September 1950) is a Russian–Azerbaijani businessman. He was the President of the oil company Lukoil from 1993 until 2022.[1][2] As of 16 April 2021, according to Bloomberg Billionaires Index by Bloomberg L.P., Alekperov has an estimated net worth of US$19.6 billion, making him the ninety-fourth wealthiest person in the world[3] and the fifth in Russia.[3] Alekperov previously owned a 36.8% stake in football club Spartak Moscow.[4] Fellow former Spartak owner Leonid Fedun is Akelperov's close associate. Alekperov also owns superyacht builder Heesen Yachts.[5]

Vagit Alekperov
Born
Vagit Yusufovich Alekperov

(1950-09-01) 1 September 1950
Baku, Azerbaijan SSR, USSR
NationalityRussian
Azerbaijani
Alma materAzerbaijan State Oil Academy
OccupationChairman of the supervisory board of Basic Element Company
SpouseLarisa Victorovna Alekperova
Children1
Awards

As part of the international governmental responses to the Russian invasion of Ukraine, the United Kingdom, Canada and Australia have imposed sanctions against Alekperov.[6][7][8]

Biography

Alekperov was born on September 1, 1950, in Baku, Azerbaijan SSR, one of the earliest centers of the international petroleum industry. His father, who died when Vagit was a boy, worked in the oilfields all his life and inspired Alekperov to follow in his footsteps. Alekperov's father was an Azerbaijani Muslim and his mother, Russian Orthodox. Alekperov is religious, but does not define himself as either Muslim or Orthodox.[9]

In 1974, Alekperov graduated from the Azerbaijan Oil and Chemistry Institute.[10]

Western Siberia

Alekperov moved to Western Siberia in 1979 and worked at Surgutneftegaz between 1979 and 1985, earning his reputation as an industry expert. He was ascending positions and by 1985 became first deputy general director of Bashneft production company. In 1987, he became general director of the newly created production company Kogalymneftegaz.[10]

Moscow

In 1990, Alekperov was appointed deputy minister of the Oil and Gas Industry of the Soviet Union and became the youngest deputy energy minister in Soviet history.[10] At that time, Alekperov promoted the establishment of vertically integrated state-owned energy companies, which would bring together the wide range of organizations in the energy sector that were, at the time, reporting to different Soviet bureaucratic institutions.[11]

Just at this time Western oil companies began to actively look for partners in Russia. During a visit to British Petroleum facilities in the United Kingdom in 1990 Alekperov personally headed the Russian delegation at the negotiations. Rondo Fehlberg, an executive at BP, told NY Times that Alekperov took control of the agenda during that 1990 trip, sternly asking the BP executives to explain how a modern oil company should be set up.[12]

LUKoil

In April 1993, Langepas-Uray-Kogalymneft became the joint-stock company LUKOIL, and Alekperov became its president and chairman of the board. By 2002 Alekperov owned 10.4% of the company.[12]

In 2000, Alekperov resigned as head of the board of directors of Lukoil, but retained his position as president of the company. In May 2008, Alekperov bought 11.13 million shares (1.3%) in Lukoil, thereby increasing his stake to 20.4% and becoming the company's largest shareholder.[13]

LUKoil was the first Russian company to acquire an American company. In November 2000, LUKoil acquired Getty Petroleum Marketing and its 1,300 gas stations in the United States[14] Like many other Russian oligarchs, Alekperov has also moved into banking and media. In May 2006 Alekperov was one of the two main owners of IFD Kapital Group.[15]

In 2018, Alekperov first said in an interview that he was looking for a successor to his position, a staff reshuffle, he said, could take place at the company in 2023.[16]

Alekperov is on the 2017 list of Russian "oligarchs" named in the CAATSA unclassified report to the U.S. Congress.[17]

International sanctions

In April 2022, following Russia's invasion of Ukraine, Alekperov was sanctioned by Australia and the United Kingdom.[6][7] On 21 April, Lukoil issued a statement saying that Alekperov had stepped down and resigned from the board of directors after 29 years.[2]

In May 2022, Canada also imposed sanctions on Alekperov.[8] In October 2022, New Zealand sanctioned Alekperov.[18]

Personal life

Alekperov is married to Larisa Victorovna Alekperova and has a son Yusuf born in 1990.[19] In 2023 he founded the WellTech company, which is engaged in the repair of LUKOIL wells.[20]

Alekperov's hobby is numismatics. The exact composition of his collection is unknown, but according to some reports, it is one of the three largest private collections in Russia. According to Forbes, Alekperov's private Museum of Numismatics has more than 700 coins on display, which is about a quarter of the entire collection. It consists mainly of gold coins, from antiquity to modern Russia, some silver coins, as well as a few platinum coins of the Russian Empire.[21]

Philanthropy

In 2007 Alekperov founded The Foundation "Our Future" to promote social entrepreneurship in Russia.[22]

Alekperov has repeatedly stated publicly and has confirmed that, according to his will, his stake in Lukoil (over 20% of the company) will be transferred to a specially created charitable foundation.[23]

In 2020 coronavirus pandemic, Lukoil has donated more than RUB 652 million in 22 Russian regions and almost $900 000 dollars in its operation countries abroad.[24] Alekperov also donated RUB 50 million of personal finances to fight coronavirus in the Republic of Komi.[25]

Awards and honorary titles

Alekperov was the first Russian citizen who received the Woodrow Wilson Award. He was honored in 2005 for achievements in corporate citizenship.[26]

On 31 August 2020, ahead of Vagit Alekperov's 70th jubilee, Azerbaijani President Ilham Aliyev awarded him with the "Dostlug" Order for his special services rendered to the development of mutual relations between Azerbaijan and the Russian Federation.[27]

On 4 May 2022, Alekperov received the Order "For Merit to the Fatherland" of the first degree for "great contribution to the development of the fuel and energy complex and many years of diligent work".[28]

Vagit Alekperov is also a full member of the Russian Academy of Natural Sciences.[29]

See also

References
  1. "Vagit Yu. Alekperov, President of OAO LUKOIL". Archived from the original on 2015-09-06. Retrieved 2015-08-28.
  2. "Russia's Lukoil Says Longtime CEO Alekperov Resigns". The Moscow Times. 21 April 2022.
  3. "Bloomberg Billionaires Index: Vagit Alekperov". Bloomberg L.P. Retrieved 25 June 2021.
  4. Burgen, Stephen (26 February 2022). "Could sanctions leave oligarchs' super yachts high and dry in Spain?". The Observer.
  5. Jack, Andrew; Wagstyl, Stefan; Cook, Chris (2022-04-16). "'You have to do things perfectly . . . but it's so secret' — how to build an oligarch's yacht". Financial Times. Retrieved 2022-04-16.
  6. "Australia goes further than others with personal sanctions, adds Nabiullina, Lisin and Alekperov to list". interfax.com. Retrieved 2022-04-18.
  7. "U.K. Hits More Russian Billionaires in Latest Sanctions Salvo". Bloomberg.com. 2022-04-13. Retrieved 2022-04-18.
  8. "Canada blacklists 40 Russian individuals - PM's press service". TASS. 2022-05-09. Retrieved 2022-05-13.
  9. Maass, Peter (2 August 2004). "The Triumph of the Quiet Tycoon". The New York Times Magazine. Archived from the original on 2 February 2014. Retrieved 3 February 2014.
  10. Vassiliou, Marius S. (2009-09-24). The A to Z of the Petroleum Industry. Scarecrow Press. ISBN 978-0-8108-7066-6.
  11. "Vagit Y. Alekperov 1950— Biography".
  12. Maass, Peter (2004-08-01). "The Triumph of the Quiet Tycoon". The New York Times. ISSN 0362-4331. Retrieved 2021-11-20.
  13. "Бизнес-активы Вагита Алекперова. Справка". РИА Новости (in Russian). 2009-03-12. Retrieved 2021-11-20.
  14. "Lukoil Americas Corporation website". Archived from the original on 2007-03-15. Retrieved 2007-03-12.
  15. Teagarden, Michael (1 March 2006). "Lukoil Executives Alekperov and Fedun Own Russia's IFD Kapital". Bloomberg News. Archived from the original on 13 April 2014. Retrieved 11 April 2014.
  16. "Глава ЛУКОЙЛа сообщил об изучении потенциальных преемников". РБК (in Russian). 30 October 2019. Retrieved 2021-06-18.
  17. "Report to Congress Pursuant to Section 241 of the Countering America's Adversaries Through Sanctions Act of 2017 Regarding Senior Foreign Political Figures and Oligarchs in the Russian Federation and Russian Parastatal Entities" (PDF). January 29, 2018.
  18. "New Zealand sanctions 75 individuals and 2 Russian companies". Interfax. 11 October 2022.
  19. "Вагит Юсуфович Алекперов. Биографическая справка". РИА Новости. 12 March 2009. Retrieved 20 March 2014.
  20. "Сын владельца ЛУКОЙЛа получил компанию по ремонту скважин в Сибири". РБК (in Russian). 2023-06-15.
  21. "В Москве открыли первый частный музей нумизматики / / Независимая газета". www.ng.ru. Retrieved 2021-11-20.
  22. Nielsen, Rachel (2012-11-28). "Alekperov's Social Enterprise Invests $4.8M Over 5 Years". The Moscow Times. Retrieved 2021-02-18.
  23. "Алекперов передаст акции "Лукойла" в благотворительный фонд". Forbes.ru. 2015-01-16. Retrieved 2021-06-18.
  24. "Lukoil delivered new consignment of medical equipment to Usinsk hospital". neftegazru.com. 21 August 2020. Retrieved 2021-02-18.
  25. "Vagit Alekperov donates RUB 50 million of personal finances to fight coronavirus in the Republic of Komi". neftegazru.com. 7 May 2020. Retrieved 2021-02-18.
  26. "Wilson Center to Honor Pickering and Alekperov for Contributions to U.S.-Russian Relations | Wilson Center". www.wilsoncenter.org. Retrieved 2021-06-18.
  27. President Ilham Aliyev awards Lukoil CEO, AzerNews, 31 August 2020, Retrieved 4 September 2020
  28. "Предвыборная ситуация в Кемерове" (in Russian). publication.pravo.gov.ru. May 4, 2022. Retrieved February 2, 2023.
  29. "Вагит Юсуфович Алекперов. Биографическая справка". РИА Новости (in Russian). 2009-03-12. Retrieved 2021-11-20.
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