Pyotr Kondrashev
Pyotr Ivanovich Kondrashev | |
|---|---|
| Born | July 16, 1949 Armavir, Russia |
| Occupation(s) | Entrepreneur, industrial executive, oligarch |
| Years active | 1972–present |
| Known for | Principal shareholder of Silvinit, owner of Solikamsk Magnesium Plant, investor in Meyer Burger |
Pyotr Ivanovich Kondrashev (Russian: Пётр Иванович Кондрашев; born 16 July 1949 in Armavir) is a Russian-born entrepreneur, industrial executive, oligarch, and billionaire.
Career
Kondrashev graduated from Magnitogorsk State Technical University with a degree in mining and metallurgy engineering, focusing on subterranean mining techniques.
His career commenced in 1972 at the Silvinit potash facility located in Solikamsk, where he started as a foreman. Over the years, he progressed through roles including chief engineer and deputy production director, eventually being appointed general director by 1990. Kondrashev spearheaded Silvinit’s privatization process and emerged as a principal shareholder. Although he stepped down as head in 2007, he maintained a position on the company's board.
Towards the end of 2010, Kondrashev and his associates divested their collective 14 percent holding in Silvinit to rival Uralkali in a transaction valued at nearly $3 billion. This deal, influenced by Kremlin-aligned figures such as Duma deputies Suleyman Kerimov and Zelimkhan Mutsoev, resulted in the formation of the world’s second-largest producer of potash fertilizers.
In 2014, Kondrashev purchased the Solikamsk Magnesium Plant (SMZ) from Kerimov’s business group. SMZ is responsible for producing 60% of Russia’s magnesium output and engages in processing rare-earth metals.
In 2016, Kondrashev invested in Meyer Burger, a Swiss manufacturer of solar technology equipment. Media sources credited him with rescuing the company. Despite initial opposition to his proposals for leadership restructuring and strategic realignment, by autumn 2022 he had acquired approximately a 10 percent ownership stake in Meyer Burger.
Expropriation
In 2019, Russia’s Federal Antimonopoly Service called for annulment of the 2014 acquisition of SMZ, citing its strategic significance and the absence of governmental authorization for transfer to foreign investors. This authority was upheld by a court ruling in Perm in October 2020. Earlier that year, Mikhail Dvorkovich alleged in Kommersant that SMZ’s controlling shareholders under Kondrashev sold products to NATO military contractors, raising security concerns. Intelligence online identified Kondrashev, then living abroad, as the initial individual to lose assets amid a surge of nationalizations accelerated by the Russo-Ukrainian War. The expropriation was finalized through a decree issued by Vladimir Putin in January 2023, transferring ownership of Solikamsk Magnesium Plant to the state enterprise Rosatom.
Controversies
In 2021, Russian online sources claimed Kondrashev was the undisclosed owner of Ecoprombank, which collapsed in 2014 amid allegations of illicit activities. Kondrashev initiated legal proceedings in Austria and Switzerland contesting these accusations. Both Neue Zürcher Zeitung and Handelsblatt reported no criminal investigations against him based on statements from Russian officials.
Assets, private life, honors
By August 2022, Forbes estimated Kondrashev’s fortune at $1.5 billion.
Since 2008, he has lived in Vienna, is married, and has two children.
His recognitions include honorary citizenship of Solikamsk and receipt of the Peter the Great National Award for managerial excellence in 2004.