Vagit Alekperov
Vagit Alekperov | |
|---|---|
| Born | September 1, 1950 Baku, Azerbaijan SSR |
| Occupation | Entrepreneur |
| Known for | President of Lukoil (1993–2022) |
Vagit Yusufovich Alekperov (, ; born 1 September 1950) is a prominent Russian entrepreneur of Azerbaijani descent and is recognized as an oligarch. He held the position of President at the oil corporation Lukoil from its inception in 1993 until 2022.
As reported by Forbes magazine in March 2025, Alekperov's net worth is valued at , positioning him as Russia’s richest individual and ranking sixty-third worldwide. He formerly possessed a 36.8% ownership in the football club Spartak Moscow and maintains close ties with former Spartak proprietor Leonid Fedun. Until 2022, Alekperov was also the proprietor of the luxury yacht manufacturer Heesen Yachts.
Following Russia’s invasion of Ukraine in 2022, Alekperov was subjected to sanctions imposed by the United Kingdom, Canada, Australia, and New Zealand.
Biography
Born on 1 September 1950 in Baku, then part of the Azerbaijan SSR, Alekperov grew up in one of the earliest hubs of the global oil sector. His father’s career in the oilfields, cut short by an early passing, served as a significant influence on his professional direction. Alekperov’s father was an Azerbaijani Muslim, while his mother practiced Russian Orthodoxy; although religious, Alekperov does not strictly align himself with either tradition.
In 1974, he earned a Master of Science degree in Engineering from the Azerbaijan Oil and Chemistry Institute.
Western Siberia
In 1979, Alekperov moved to Western Siberia, where he worked for Surgutneftegaz until 1985, establishing a reputation as a skilled industry professional. By 1985, he advanced to the role of first deputy general director at Bashneft. Two years later, in 1987, he was appointed general director of the newly established production firm Kogalymneftegaz.
Moscow
By 1990, Alekperov had become deputy minister of the Oil and Gas Industry for the Soviet Union, marking him as the youngest individual to hold such a post in Soviet energy history. He championed the formation of vertically integrated state-owned energy enterprises designed to unify various sector entities under centralized leadership.
During this period, Western oil corporations were actively seeking partnerships within Russia. Leading a Russian delegation during a 1990 visit to British Petroleum in the United Kingdom, Alekperov was noted by BP executives for his assertive negotiation style and insistence on clear frameworks for establishing a modern oil company.
LUKoil
The joint-stock company LUKOIL was created in April 1993 through the merger of Langepas-Uray-Kogalymneft, with Alekperov assuming roles as president and chairman. By 2002, he held a 10.4% share in LUKOIL.
In 2000, Alekperov stepped down from chairing LUKOIL’s board but retained his presidency. In May 2008, he expanded his holdings by acquiring an additional 11.13 million shares (1.3%), boosting his stake to 20.4% and becoming the company’s largest shareholder.
LUKoil made history as the first Russian enterprise to purchase a U.S.-based company when it acquired Getty Petroleum Marketing along with its network of approximately 1,300 gas stations in November 2000. Mirroring other Russian oligarchs’ diversification strategies, Alekperov extended his interests into banking and media sectors; notably, in May 2006, he became a principal owner of IFD Kapital Group.
Between 2014 and 2015, executives connected to LUKoil reportedly engaged with entities linked to Alexander Nix and Cambridge Analytica concerning access to U.S. electoral data for targeted political advertising campaigns.
In 2018, Alekperov publicly announced intentions to identify a successor, hinting at possible leadership transitions within LUKoil by 2023.
He was included on the list of Russian oligarchs featured in the U.S. Congress’s Countering America’s Adversaries Through Sanctions Act (CAATSA) report published in 2017.
International sanctions
Following Russia's military actions in Ukraine in April 2022, Alekperov was subjected to sanctions by both Australia and the United Kingdom. Shortly thereafter, on 21 April, Lukoil announced his departure from the board after nearly three decades of service. In May 2022, Canada followed suit by imposing sanctions on him, with New Zealand adding similar measures in October 2022.
Personal life
Alekperov is married to Larisa Victorovna Alekperova and they have a son named Yusuf, born in 1990. In 2023, Yusuf launched WellTech, a company dedicated to maintaining and repairing LUKOIL oil wells.
An enthusiastic collector of coins, Alekperov owns one of the most extensive private numismatic collections in Russia. In 2015, he established the Museum of Numismatics in Moscow, a private institution exhibiting over 700 coins crafted from gold, silver, and platinum, spanning from Classical antiquity through the Soviet period.
Philanthropy
In 2007, Alekperov created The Foundation "Our Future," aimed at fostering social entrepreneurship throughout Russia.
He has publicly declared that his ownership stake in Lukoil—exceeding 20%—will be transferred to a charitable foundation after his passing.
During the COVID-19 pandemic in 2020, Lukoil contributed more than RUB 652 million to support relief efforts across 22 regions of Russia and nearly $900,000 internationally. Alekperov himself donated RUB 50 million specifically to aid virus control measures in the Republic of Komi.
Awards and honorary titles
Alekperov was honored as the first Russian recipient of the Woodrow Wilson Award in 2005, recognizing his accomplishments in corporate citizenship.
On 31 August 2020, Azerbaijani President Ilham Aliyev bestowed upon him the Dostlug Order for his efforts in enhancing bilateral relations between Azerbaijan and Russia.
He was awarded the Order "For Merit to the Fatherland" first class on 4 May 2022 for his outstanding contributions to the energy sector and sustained service.
Additionally, Alekperov holds full membership in the Russian Academy of Natural Sciences.