Vagit Alekperov Net Worth 2024

Vagit Alekperov
Vahid Ələkbərov
Alekperov in 2013
Born	(1950-09-01) 1 September 1950 (age 74) Baku, Azerbaijan SSR, Soviet Union
Nationality	Azerbaijani
Citizenship	Russia
Alma mater	Azerbaijan State Oil and Industry University , Master of Engineering
Occupation	Chairman of the supervisory board of Basic Element Company
Spouse	Larisa Victorovna Alekperova
Children	1
Awards	Order "For Merit to the Fatherland" (2nd class) Order "For Merit to the Fatherland" (3rd class) Order "For Merit to the Fatherland" (4th class) Order of Friendship Order of the Badge of Honour Order Of The Madar Horseman (1st class) Order of the Crown (Commander) Shohrat Order Order of Friendship (2nd class)

Vagit Yusufovich Alekperov (Azerbaijani: Vahid Yusifoviç Ələkbərov, Russian: Вагит Юсуфович Алекперов; born 1 September 1950) is an Azerbaijani oligarch. He was the President of the oil company Lukoil from 1993 until 2022.^[1][2] As of September 2024, according to Forbes billionaires list by Forbes magazine, Alekperov has an estimated net worth of US$27.6 billion, making him the 3rd wealthiest person in Russia and the fifty-ninth in the world.^[3] Alekperov previously owned a 36.8% stake in football club Spartak Moscow.^[4] Fellow former Spartak owner Leonid Fedun is Alekperov's close associate. Alekperov also owned superyacht builder Heesen Yachts until 2022.^[5]

As part of the international governmental responses to the Russian invasion of Ukraine, the United Kingdom, Canada, Australia and New Zealand have imposed sanctions against Alekperov.^[6][7][8][9]

Alekperov was born on 1 September 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.^[10]

In 1974, Alekperov graduated from the Azerbaijan Oil and Chemistry Institute with a Master of Science in Engineering.^[11]

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.^[11]

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.^[11] 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.^[12]

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.^[13]

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.^[13]

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.^[14][a]

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^[19] 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.^[20]

During at least three meetings in Turkey and London in 2014 and 2015, executives associated with Alekperov's firm Lukoil allegedly questioned persons at the Alexander Nix associated firms SCL Group, which is closely associated with Aleksandr Kogan, and Cambridge Analytica, which is closely associated with Steve Bannon, who supported Donald Trump's 2016 campaign for President of the United States, and Robert Mercer, who supported Ted Cruz's campaign for President of the United States, about how United States election data about American voters could be used to target them according to Christopher Wylie.^{[21][22][23][24]}

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.^[25]

Alekperov is on the 2017 list of Russian "oligarchs" named in the CAATSA unclassified report to the U.S. Congress.^[26]

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.^[27]

Alekperov is married to Larisa Victorovna Alekperova and has a son Yusuf born in 1990.^[28] In 2023 he founded the WellTech company, which is engaged in the repair of LUKOIL wells.^[29]

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.^[30]

In 2007 Alekperov founded The Foundation "Our Future" to promote social entrepreneurship in Russia.^[31]

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.^[32]

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.^[33] Alekperov also donated RUB 50 million of personal finances to fight coronavirus in the Republic of Komi.^[34]

Alekperov was the first Russian citizen who received the Woodrow Wilson Award. He was honored in 2005 for achievements in corporate citizenship.^[35]

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.^[36]

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".^[37]

Vagit Alekperov is also a full member of the Russian Academy of Natural Sciences.^[38]

• List of Azerbaijanis
• List of Russian billionaires

• Biography of Vagit Alekperov (in Russian)
• (WSJ) Lukoil Executive’s Death Exposes Network of Inside Deals, by Glenn R. Simpson, December 6th, 2006
• Business Russia