Russia’s second-largest oil producer Lukoil PJSC said Chief Executive Officer Vagit Alekperov will resign, in the latest sign of growing pressure on the nation’s energy industry since the invasion of Ukraine.
The 71 year-old Alekperov joins a long list of Russian CEOs who have stepped down after being targeted with Western sanctions. The bosses of the country’s biggest petrochemical producer Sibur Holding, internet company Yandex NV and e-commerce firm Ozon Group have all resigned in recent months.
Alekperov, who was sanctioned by the UK and Australia earlier this month, informed the company about his decision to resign as a member of the board of directors and as president, Lukoil said in a statement on Thursday.
As of March 31, Alekperov owned and 3.12% voting shares and was beneficiary of 5.43% shares without voting rights, according to the statement.
Alekperov was among the founders of what later became Lukoil in 1993. The company accounts for about 15% of Russia’s oil output, second only to state-controlled Rosneft PJSC. Its daily output averaged 1.61 million barrels from April 1 to 19, according to data from the Energy Ministry’s CDU-TEK unit that were seen by Bloomberg.