Bloomberg News

Lukoil Billionaire Alekperov Instructs Son Not to Sell His Stake

February 06, 2013

OAO Lukoil’s billionaire Chief Executive Officer Vagit Alekperov, who owns about a fifth of the Russian oil producer, arranged for his son Yusuf to maintain his holding beyond his death.

“I’ve already arranged for my stake, even if I leave this life, to be indivisible to secure the company’s stability for many years ahead,” Alekperov said in an interview on Ekho Moskvy radio late yesterday. “My son won’t have the right to split and sell it.”

Alekperov, 62, owns more than 20 percent of Lukoil, Russia’s second-largest oil producer and the country’s biggest non-state energy company. His son Yusuf, a graduate of Gubkin Russian State University of Oil and Gas, works at oilfields in western Siberia as a technologist, according to the CEO.

“He must follow that path and see how people work at fields,” Alekperov said, adding that he isn’t preparing Yusuf to replace him. “Let him choose his fate for himself.”

The billionaire said he “always buys shares” in Lukoil and neither he nor other key holders offer them for sale on the market. The company is trading at half its true value, he said.

Lukoil shares have risen 12 percent in the past year, valuing the Moscow-based company at 1.7 trillion rubles ($57.2 billion). Alekperov’s net worth is estimated at $13.2 billion, according to the Bloomberg Billionaires Index.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus