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21 Apr, 2022 13:34

Sanctioned Russian oil tycoon resigns

Lukoil CEO Vagit Alekperov steps down from his post after 29 years
Sanctioned Russian oil tycoon resigns

Russia’s largest independent oil company Lukoil announced on Thursday that its president, Vagit Alekperov, is stepping down from his post and quitting as a member of the firm’s board of directors. Alekperov became company president in 1993.

Relevant notices have been sent to the chairman of the company’s board of directors, Lukoil said on its website.

As of March 31, Alekperov owned and had voting rights over 3.12% of Lukoil shares. He also owned another 5.43% stake indirectly, including through family trusts or mutual funds. The businessman had, therefore, not been a controlling shareholder of Lukoil, the company said.

The longtime CEO of Russia’s second-largest crude producer, Alekperov suffered significant financial losses in 2022. The oil tycoon, reportedly Russia’s 10th-richest businessman, was hit by UK and Australian sanctions this month, as part of Western pressure over Moscow’s military operation in Ukraine.

Forbes estimated that Alekperov’s almost-$25-billion net worth in 2021 has since contracted by $14.4 billion, despite the rise in oil prices.

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