Early Life
Vagit Yusufovich Alekperov was born on September 1, 1950, in Baku, Azerbaijan SSR, a city with deep roots in the international petroleum industry. His father, who passed away when Vagit was young, worked in the oilfields, instilling in him a passion for the industry. Alekperov graduated from the Azerbaijan Oil and Chemistry Institute with a Master of Science in Engineering in 1974.
Rise to Success
Alekperov's career in the oil industry began in the Caspian Sea oil fields. He quickly gained experience, and by 1979, he moved to Western Siberia to work at Surgutneftegaz. He ascended through the ranks and became known as an industry expert. In 1987, he became the general director of Kogalymneftegaz. In 1990, Alekperov was appointed Deputy Minister of the Oil and Gas Industry of the Soviet Union, making him the youngest deputy energy minister in Soviet history. He then played a pivotal role in establishing vertically integrated state-owned energy companies.
Key Business Strategies
Alekperov's key achievement is his association with Lukoil, where he became president and chairman in April 1993. Under his leadership, Lukoil became one of the largest oil companies in Russia. By 2002, he owned 10.4% of the company's shares, and he increased his stake to 20.4% in 2008, becoming the largest shareholder. Alekperov led Lukoil in significant acquisitions, including the American company Getty Petroleum Marketing in 2000, making it the first Russian company to acquire an American company. He also promoted vertical integration in the oil industry, combining exploration, refining, and distribution.
Philanthropy
In 2007, Alekperov founded The Foundation "Our Future" to promote social entrepreneurship in Russia. He has stated that his stake in Lukoil will be transferred to a charitable foundation according to his will. During the 2020 coronavirus pandemic, Lukoil donated over RUB 652 million in 22 Russian regions and almost $900,000 in its operation countries abroad. Alekperov also personally donated RUB 50 million to fight the coronavirus in the Republic of Komi.
