Biography Philanthropists

Vagit Alekperov

Vagit Alekperov
Vagit Alekperov.jpg
Born Vagit Yusufovich Alekperov
1 September 1950 (age 68)
BakuAzerbaijan SSR, USSR
Residence MoscowRussia
Nationality Azerbaijani
Alma mater Azerbaijan State Oil Academy
Occupation Chairman of the supervisory board of Basic Element Company
Net worth US$17.7 billion (September 2018)[1]

Vagit Yusufovich Alekperov (AzerbaijaniVahid Yusuf oğlu ƏləkbərovRussianВагит Юсуфович Алекперов; born 1 September 1950) is an Azerbaijani and Russian businessman, the president of the leading Russian oil company LUKOIL.[2]

As of 2018 he is rated by Forbes magazine as the sixth richest person in Russia with a net worth of $17.2 billion and the 74th richest person in the world.[1]


Alekperov was born in Baku, 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.[3] He was eighteen when he landed his first job in the industry.

Alekperov graduated in 1974 from Azerbaijan Oil and Chemistry Institute. As a student he also worked as a drilling operator in Kaspmorneft, a Caspian regional production company.

After graduation, he continued to work there, and by 1979 he had advanced from engineer to deputy head of a production unit. He had to work in extreme conditions on oil platforms. On one occasion, an explosion on his rig threw him into the stormy Caspian sea, and he had to swim for his life.

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.

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. 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.[4]

As deputy minister of the oil and gas industry of the Soviet Union, Alekperov was engaged in the formation of the first vertically integrated state-owned energy company, Langepas-Uray-Kogalymneft, which was established in late 1991 as a subsidiary of the Ministry of Fuel and Energy. In April 1993, Langepas-Uray-Kogalymneft became LUKoil Oil Company, with Alekperov as its president.

Alekperov has remained president of LUKoil since that time. Employing more than 100,000 people, today LUKoil is among the world’s most powerful[clarification needed] oil companies, with reserves second only to ExxonMobil.

LUKoil has been 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[5] 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.[6]

Personal life[edit]

Alekperov is married to Larisa Victorovna Alekperova and has a son Yusuf born in 1990.[7]

See also[edit]


  1. Jump up to:a b “Vagit Alekperov”Forbes. Retrieved 3 March 2018.
  2. Jump up^ “Vagit Yu. Alekperov, President of OAO LUKOIL”. Archived from the original on 2015-09-06. Retrieved 2015-08-28.
  3. Jump up^ Maass, Peter (2 August 2004). “The Triumph of the Quiet Tycoon”The New York Times Magazine. Retrieved 3 February 2014.
  4. Jump up^ “Vagit Y. Alekperov 1950— Biography”.
  5. Jump up^ “Lukoil Americas Corporation website”. Archived from the original on 2007-03-15. Retrieved 2007-03-12.
  6. Jump up^ Teagarden, Michael (1 March 2006). “Lukoil Executives Alekperov and Fedun Own Russia’s IFD Kapital”. Bloomberg News. Archived from the original on 13 April 2014. Retrieved 11 April 2014.
  7. Jump up^ “Вагит Юсуфович Алекперов. Биографическая справка”. РИА Новости. 12 March 2009. Retrieved 20 March 2014.