Lukoil's President to Leave Position

The President of the biggest Russian oil company Lukoil, Vagit Alekperov, willleave his position to become Head of the Board of Directors. Photo by EPA/BGNES

The founder of the Russian oil company “Lukoil”, Vagit Alekperov, will leave his position as the company's President in September, the Russian RBK Daily has reported.

Lukoil is the biggest private oil company in Russia, which owes Lukoil-Neftohim Burgas in Bulgaria.

RBK Daily has reported that Alekperov has announced the news on August 27.

On September 1, he turns 60 and according to the Russian media, this was most probably the reason for his leaving the position as an executive director and heading the company's board of directors.

According to sources from the company, Alekperov has been very busy lately and did not have enough time for his family, RBK Daily has reported.

The Russian media believe that the next President of Lukoil might be the 45-year-old Andrey Kuzyaev, who was executive director of Lukoil's subsidiary Lukoil Overseas since 2000 and is one of the youngest top managers in Lukoil.

Other possible candidates, whose names circulate the Russian media, are Ravil Maganov and Leonid Fedun, who have been Alekperov's deputies.

However, analyzers believe it is unlikely for Fedun to become President because he owns 10% of the company and has “interests in other fields”.

Vagit Alekperov was a President of Lukoil since its founding in 1993. He owns 20,54% of the holding. According to the Russian media, he has been invited not long ago to become Russia's energy minister but has turned the offer down.

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