Early Life
Vagit Yusufovich Alekperov was born on September 1, 1950, in Baku, Azerbaijan SSR. His father, an oilfield worker, inspired him to pursue a career in the oil industry. Alekperov graduated from the Azerbaijan Oil and Chemistry Institute with a degree in engineering in 1974.
Rise to Success
Alekperov began his career in the oil fields and moved to Western Siberia in 1979. He worked at Surgutneftegaz from 1979 to 1985 and became the general director of Kogalymneftegaz in 1987. In 1990, he was appointed Deputy Minister of the Oil and Gas Industry of the Soviet Union, the youngest to hold that position. Alekperov advocated for vertically integrated oil companies, which led to the founding of LUKOIL in 1991. He served as President and CEO of LUKOIL from 1993 until April 2022.
Key Business Strategies
Alekperov's key strategy was to create a vertically integrated oil company, controlling all aspects of the business from exploration to distribution. He consolidated three major oil fields to form LUKOIL. Under his leadership, LUKOIL expanded domestically and internationally, becoming a major player in the global energy market.
Philanthropy
In 2007, Alekperov founded the Our Future Foundation to promote social entrepreneurship in Russia. He has stated that his stake in LUKOIL will be transferred to a charitable foundation. During the 2020 coronavirus pandemic, LUKOIL donated significant funds. Alekperov also personally donated 50 million rubles to fight coronavirus in the Republic of Komi.