Vagit Y. Alekperov

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Paul Tracy

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Updated September 21, 2020

Who is Vagit Y. Alekperov?

Vagit Y. Alekperov is the founder of Russian oil giant Lukoil.

Vagit Y. Alekperov Background

Born in 1950 in Baku, Azerbaijan, Alekperov is the youngest of five children. He went into the oil industry at the age of 22 as a drill operator in Siberia. Alekperov earned his Ph.D. from the Azerbaijan Oil and Gas Institute in 1974. Over the years, he worked his way up the ladder, becoming a team leader, then deputy chief, then deputy director general. In 1982, Alekperov became the director general of Kogalymneftegaz Oil, which was the springboard to a job as the Soviet Union's deputy minister of oil and gas.

In 1991, the Russian government began attempting to privatize certain state enterprises. As a result, Alekperov helped found a state-owned energy company called Langepas-Uray-Kogalymneft in 1991. In 1993, Alekperov became the president of Lukoil.

Why Does Vagit Y. Alekperov Matter?

Lukoil is a major energy company that emerged from the Soviet Union's efforts to privatize some of its state-owned assets. Through Alekperov's leadership and management tactics, the company became one of the world's largest oil companies and helped make Russia a global powerhouse in the energy industry, rivaling ExxonMobil in size. The company is publicly traded on the OTC (TICKER: LUKOY)

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