CEO of Russia’s LARGEST non-state owned oil company Lukoil steps down

The CEO of Russia’s biggest non-state owned oil refinery has resigned.

Lukoil oil company issued a brief statement announcing the resignation of CEO Vagit Alekperov, without giving any further details as to why the oil tycoon was resigning. “Lukoil’s chairman and member of the board of directors, V. Alekperov, announced his decision to resign,” the statement said.

The announcement comes less than two months after the private firm became the largest Russian company to oppose Russia’s  campaign in Ukraine in a statement in which it called for a “swift halt to the armed conflict” and for it to be “settled in a negotiation process and by diplomatic means”.

Despite this, CEO Alekperov was included on a blacklist of Russian officials sanctioned by the UK, a country with which he has close ties. Alekperov is Russia’s tenth-richest man, and he currently holds 3.1 per cent of the voting rights in the oil company and was the beneficiary of 5.4 per cent of the shares as of 31 March.

The news follows the murder of Vladislav Avayev and his family, a former Kremlin Official and Gazprombank vice-president. Gazprom is a Russian multi energy company currently bringing in the most revenue of any company in Russia. Lukoil is the second largest company and largest non-state owned company in regards to its revenue.

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