Page 13 - FSUOGM Week 26 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

Lukoil's Leonid Fedun,
receiving a medal from
Russian President
Vladimir Putin in 2012.
Source: Kremlin.

Fedun leaves Lukoil following

Alekperov's lead

RUSSIA THE long-serving vice president of biggest pri- over the years that Lukoil might be taken
vate oil producer Lukoil has stepped down from over by Rosneft, but no such plans have taken
Russia's largest the position, the company reported on June 27, shape.
private oil producer citing his reaching retirement age and family Lukoil was notably the only major Russian
has advocated for circumstances. oil and gas producer to call for peace in Ukraine
liberalisation over Leonid Fedun, a major Lukoil shareholder in the wake of Moscow’s invasion, although it
the years, but has estimated by Forbes to have a $8.2bn fortune, stopped short of condemning Russia’s actions
also retained a good was a former Russian military officer that went in the country. The company said it expressed
relationship with the into the oil business after the breakup of the “its deepest concerns about the tragic events in
Kremlin. Soviet Union. He helped privatise Lukoil in the Ukraine,” and called “for the soonest termination
1990s. of the armed conflict.”
Fedun’s departure comes just over two Even this guarded statement was very unu-
months after Lukoil’s long-serving president sual, as very few oligarchs or Russian compa-
and founder Vagit Alekperov also left. The two nies have dared to comment on the situation
men are close associates, and have often called in Ukraine. Like other Russian oil producers
for greater liberalisation of Russia’s oil industry Lukoil has suffered a collapse in its share price
over the years – a stance that at times has led since the war began, and has had difficulty
them to lock horns with other figures that have exporting its crude because of complications
pushed for greater state consolidation of the sec- caused by sanctions and buyers shunning Rus-
tor, including state-owned Rosneft’s powerful sian products.
CEO Igor Sechin. Lukoil did not say who would be replacing
Lukoil’s leadership has sought to maintain Fedun. But Alekperov was replaced as president
good relations with the Russian government, by company veteran Vadim Vorobyov.
preventing any attempts by state-owned firms The timing of the exit of both Lukoil founders
to wrestle control over the company. How- comes as a number of Russian oligarchs attempt
ever, speculation has arisen now and then to distance themselves from the Putin regime.™

Week 25 22•June•2022 www. NEWSBASE .com P13