Resignation of the co-founder of the Russian company Lukoil


Leonid Fedun has resigned from his position as vice president of the Russian oil company Lukoil. According to the company, this departure is motivated by family reasons, but also by having reached retirement age. In April, another co-founder, Vagit Alekperov, also resigned as CEO.

Alekperov left the company after personal sanctions were imposed by Britain and Australia. Together with Fedun, they controlled about 40% of Lukoil. It is the second largest oil company in Russia since its establishment.

A resignation against the backdrop of the war in Ukraine

The company has sometimes publicly criticized his country since the beginning of the conflict with Ukraine. Last March, Lukoil shared its concern about the “tragic events in Ukraine”. It was ready to support negotiations to end the conflict.

In his last public appearance Fedun called on Russia to reduce its oil production. The idea was to reduce production by 20-30% to 7-8 million barrels per day. Moscow’s top energy officials rejected this proposal to get a better price.

Fedunn, 66, and Vagit Alekperov, 71, co-founded Lukoil in the 1990s after the collapse of the Soviet Union. They have recovered the remains of oil and gas fields previously controlled by the state.

Finally, a soccer fan, Fedun said he will focus on his club Spartak after his resignation from Lukoil.

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