“Leonid Fedun, the co-founder of Russian oil giant Lukoil, has sold his stake in the company, which is estimated to be worth about $7 billion.”, — write: www.pravda.com.ua
Leonid Fedun. Photo: Getty Images Source: Reuters citing three knowledgeable sources and market data
Details: According to the interlocutors of the agency, Fedun, who is a native of Ukraine and currently lives in Monaco, sold his stake of about 10% to Lukoil in early 2025.
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Reuters analysts, based on market prices, estimated the value of Fedun’s stake at $7 billion, although the exact amount received remains unknown.
In August, Lukoil announced the cancellation of 76 million shares, which is about 11% of the company’s capital. This package was bought out by management in the market during 2024-2025. Lukoil itself refused to comment on the situation, journalists were also unable to contact Fedun.
Analysts note that recently the company has been rapidly losing ground under the pressure of Western sanctions introduced due to Russia’s invasion of Ukraine. Currently, the oil giant is forced to sell off its foreign assets, and experts see it as a potential takeover target by the Rosneft state corporation.
For reference: Fedun, 69, became one of the richest people in Russia during the privatization of the 1990s. The former military teacher went to Siberia in the 80s, where he met oil director Vagit Alekperov. In 1993, after Russian President Boris Yeltsin approved the sale of oil fields, the partners privatized the best assets of Western Siberia.
Over the years, Alekperov was involved in the recovery of oil production, while Fedun focused on a takeover strategy. The peak of their activity was the entry into the capital of Lukoil by the American company ConocoPhillips in 2004, which, however, sold its share in 2010.
Read also: The defeat of Lukoil: how sanctions destroyed one of the Kremlin’s key pillars in Europe
What preceded:
- After the outbreak of full-scale war in 2022, Lukoil made a rare statement for Russian business, expressing concern over the “tragic events in Ukraine” and supporting peace talks.
- In the same year, due to British and Australian sanctions, Vagit Alekperov resigned early from the post of CEO, although, according to Reuters sources, he continues to manage the company privately. Instead, Fedun stepped down as vice president in June 2022, citing retirement age and family circumstances, and, unlike Alekperov, retired entirely.