Vagit Alekperov Net Worth & Biography

Vagit Alekperov is a Russian and Azerbaijani businessman who currently serves as the President of LUKoil, one of the largest oil companies in Russia. After his graduation from college, he went to occupy a slot at the Caspian regional production company, Kaspmorneft. He earned a promotion from engineering to deputy head of a production unit. He later worked for Surgutneftegaz and Bashneft company before becoming the president of Langepas-Uray-Kogalymneft, after the state-owned oil firm turned into LUKoil Oil Company. Only second to Exxon in terms of oil reserves, LUKoil is considered one of the world’s most powerful oil companies today. It currently employs more than 100,000 people and is the first Russian company to have acquired a United States-based company after it obtained Getty Petroleum Marketing in November 2000 together with its 1300 gas stations located across the United States. Mr. Vagit Alekperov also has interests in the media and banking sectors. He achieved prominence in the Russian business industry and found success by working hard enough through sheer dedication to his goals. This article bears all the details that you may be seeking. Read on to find out more.

Early Life: Childhood, Education

Vagit Yusufovich Alekperov was born in Baku, Azerbijan, on the 1st of September, 1950. His father, who passed on when Vagit was a boy, worked in oil fields all his life and inspired his son to follow in his footsteps.

Religious but does not define his religion, Vagit was eighteen when he bagged his first job in the industry. He attended the Azerbaijan Oil and Chemistry Institute, graduating in 1974. As a student, he worked as a drilling operator in a Caspian regional production company called Kaspmorneft.

Professional Life: Entrepreneurial Career

After graduating from college, Vagit continued to work at Kaspmorneft as an engineer, and by 1979 he had been promoted to the role of deputy head of a production unit. He had to work long hours in extreme conditions on oil platforms. On one occasion, an explosion occurred on his rig and threw him into the stormy Caspian Sea, leaving him to swim for his life.

In 1990, Vagit Alekperov became the deputy minister of the Oil and Gas Industry of the Soviet Union. His appointment made him the youngest deputy energy minister in Soviet history. During his regime, Vagit was engaged in the formation of the first integrated state-owned oil and gas company, Langepas-Uray-Kogalymneft, which was founded in late 1991. Two years later, Langepas-Uray-Kogalymneft, which was a subsidiary of the Ministry of Fuel and Energy, became LUKoil Oil Company, with Alekperov as its president. He remained president of the company throughout the years and has continued to guide it to numerous accomplishments.

Personal Life: Family, Private Interests

Mr. Vagit Alekperov is married to Larisa Victorovna Alekperova. Their only child, a son named Yusuf, was born in 1990.

The businessman’s hobby is numismatics. There are reports that he owns one of the three largest private collections in Russia. Forbes reports that his private Museum of Numismatics has over 700 coins on display, consisting mainly of gold coins, from antiquity to modern Russia, a few platinum coins of the Russian Empire, and some silver coins.

Philanthropy

In 2007, Vagit founded The Foundation “Our Future” dedicated to promoting social entrepreneurship in Russia. He has stated publicly and has confirmed that his stake in Lukoil will be transferred to a created charitable foundation.

During the Covid-19 pandemic, the businessman, through Lukoil, donated millions of dollars to 22 Russian regions and also other countries abroad.

Achievements: Awards & Honors

Mr. Alekperov was the first Russian to receive the Woodrow Wilson Award when he was honored for his achievements in corporate citizenship in 2005.

On 31 August 2020, Azerbaijani President Ilham Aliyev recognized Vagit with the Dostlug order in honor of his special services rendered to the development and relations between Azerbaijan and Russia.

He is also a member of the Russian Academy of Natural Sciences.

Vagit Alekperov Net Worth

Mr. Vagit Alekperov has a net worth of 3 billion dollars at the present time. He is, without doubt, one of the wealthiest people in Russia and he has been able to amass his fortune by being active in Russia’s thriving oil and gas sector for several decades now. A graduate of engineering from the Azerbaijan Oil and Chemistry Institute, Vagit is an engineer by profession, and he found favor after completing his studies when he started working for the drilling company, Kaspmorneft. Things picked up fast for him from there, and today, he owns 20 percent of LUKoil. He is the company’s largest shareholder.