CEO of Russia’s Lukoil steps down

Vagit Alekperov, the CEO of Lukoil, which is in a contract with Bangladesh, has stepped down from his post and resigned from the board of directors.

Earlier on February 28, state-owned Padma Oil Company Limited (POCL) signed a deal with Lukoil.

Alekperov was at the helm of Lukoil for 29 years, the Moscow Times reported Thursday citing a statement from the oil giant.

Lukoil is one of the world’s largest oil producers and the largest in Russia.

Other than Bangladesh, the company is involved in several projects abroad, including in Uzbekistan, Kazakhstan, Iraq, Mexico and Africa.

Alekperov became Lukoil’s president in 1993. The oil tycoon, reportedly Russia’s 10th-richest businessman, fell under British and Australian sanctions this month as part of Western penalties for Russia’s invasion of Ukraine.

According to Forbes estimates, Alekperov’s net worth in 2021 was $24.9 billion and has since contracted by $14.4 billion, despite a rise in oil prices following the Ukraine invasion.