Early Life
Vagit Yusufovich Alekperov was born on September 1, 1950, in Baku, Azerbaijan SSR, a historic center of the international petroleum industry. His father, an oil worker, died when Vagit was young, inspiring him to follow in his footsteps. Alekperov graduated from the Azerbaijan Oil and Chemistry Institute in 1974 with a degree in mining engineering.
Rise to Success
Alekperov began his career in the oil industry at 18. He worked in Western Siberia, where he gained a reputation as an industry expert. By 1985, he became the first deputy general director of Bashneft production company. In 1987, he became general director of Kogalymneftegaz. In 1990, he was appointed Deputy Minister of the Oil and Gas Industry of the Soviet Union. In 1991, he founded Lukoil.
Key Business Strategies
Alekperov spearheaded the merger of three state-owned oil producers to form Lukoil. Under his leadership, Lukoil expanded through exploration, production growth, and international acquisitions. A key strategy was the vertical integration of the company, combining exploration, production, refining, and marketing. Lukoil was the first Russian company to acquire an American company, Getty Petroleum Marketing, in 2000.
Philanthropy
In 2007, Alekperov founded the Our Future Foundation to promote social entrepreneurship in Russia. He has stated his intention to transfer his Lukoil stake to a charitable foundation after his death. During the 2020 coronavirus pandemic, Lukoil donated over 652 million rubles in Russia and almost $900,000 in other countries.