Russian oil company: Lukoil boss resigns

The head of Russia’s second largest oil company, Lukoil, Vagit Aleperov has resigned. The reasons for the 71-year-old’s decision are not yet known.

The head of Russia’s second largest oil company Lukoil, Vagit Aleperov, has resigned from his position. The group today published a short message with information about the personnel. After that, Alekperov also left the supervisory board of the company he founded. The group gave no reason for the resignation, and a possible successor to the 71-year-old was not initially named.

Alekperov’s oil company, which he founded in 1993, is not state-owned, unlike other major Russian energy companies such as Rosneft and Gazprom. In early March, the company called for an immediate end to military operations in Ukraine. “We are committed to an immediate end to the armed conflict and fully support its resolution through the dialogue process and diplomatic channels,” it said in a March 3 statement.

Sanctions can be grounds for withdrawal

According to the business magazine Forbes, Aleperov is the tenth richest person in Russia, with a net worth of about $10.5 billion. About a week ago, Great Britain put the entrepreneur on a list of sanctions. It has been speculated that this may have been a reason for his withdrawal: several other Russian businessmen, including billionaire Vladimir Yevtushenkov, have already left management positions or given up control of their companies following sanctions.

Four years ago, the oligarch publicly considered who could take his place if he left the group. At the time, he simply said, “It wouldn’t belong to any of my close relatives.”

As of now, AkPro holds 3.12 percent of the group’s listed shares on the London Stock Exchange and 5.43 percent of the shares are without voting rights. This means the billionaire is not a majority shareholder of the oil company.