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    Lukoil No. 2 resigns


Fedun's departure follows that of Lukoil's long-serving president Alekperov in late April.

by: NGW

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Lukoil No. 2 resigns

Leonid Fedun, the vice president of Russia's second-largest oil producer Lukoil, has stepped down from his post after reaching the retirement age and due to family circumstances, the company said on June 27.

Fedun's departure follows that of Lukoil's long-serving president Vagit Alekperov in late April. Both men are shareholders in the company, which has upstream operations across most of Russia's producing basins, as well as refiners and fuel distribution business, and additional upstream projects in the Middle East, Central Asia, West Africa, Europe and Central America.


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Fedun and Alekperov worked together to privatise Lukoil in the 1990s. At the time, the business comprised only a cluster of oilfields in Russia's oil-producing heartland of Khanty-Mansiysk. The two men have generally promoted greater liberalisation of Russia's oil industry, at times leading them to clash with others that have advocated for greater state control, including Rosneft's influential CEO Igor Sechin.

Like other Russian oil companies, Lukoil has suffered a collapse in its share price since Moscow began its invasion of Ukraine in late February. It is the only major Russian oil and gas producer to have publicly called for the war in Ukraine to end, although it has stopped short of attributing any blame to Russia for the conflict. 

Lukoil did not say who would be replacing Fedun as vice president. Company veteran Vadim Vorobyov was appointed as the company's president after Alekperov's departure.