Maganov was 67 and had been involved with the company since LUKoil was founded. He was one of the top people who developed the company over the years into an international player that is also active in our country with filling stations. In addition, LUKoil is also active in a number of former Soviet republics, as well as in Europe, North America and Africa. Since 2020, Maganov has been chairman of the concern.
It is incidentally the third top executive that LUKoil loses in a short time. In May, another top figure, Aleksander Soebbotin, passed away shortly after undergoing treatment with a traditional naturopath or shaman. In April, LUKoil co-founder and president Vagit Alekperov resigned after previously facing British sanctions over Russia’s invasion of Ukraine. He is still the largest shareholder of the company. Alekperov is one of those great business magnates in Russia who got rich through the privatization of the economy in the 1990s. He has good ties with Russian President Vladimir Putin.
Still, LUKoil has called for an end to the war in Ukraine at the beginning of this year, even though it may have been motivated by a desire not to be hit by international sanctions like other major Russian companies. LUKoil is the second largest oil and gas group in Russia, but the largest privately owned. The group was created in the early 1990s through the merger of a number of energy groups that had previously been privatized.