Lukoil shareholders elect Vadim Vorobyev as company president

MOSCOW. May 31 (Interfax) - Shareholders in Lukoil voted at an extraordinary meeting on May 30 to terminate the powers of Vagit Alekperov and elect Vadim Vorobyev as the oil company's president, Lukoil said in a statement.

It said 95.7301% of those present voted in favor of the first motion and 99.2519% in favor of the second.

The board of directors appointed Vorobyev, a senior executive vice president as the interim sole temporary executive body and president of Lukoil pending the vote by shareholders. Vorobev was the sole candidate for new company chief.

Lukoil said at the end of April that Vagit Alekperov had informed the oil company of his decision to resign as a member of the board of directors and resign early as company president. Alekperov later said he had decided to distance himself from the oil company so that personal sanctions imposed on him did not hamper its development.

Alekperov owned and voted with 3.12% of shares in Lukoil as of March 31, 2022. He is also a beneficiary, including through family trusts or mutual funds, of 5.43% of shares, in respect of which he has no voting rights. Therefore, Alekperov is not a controlling shareholder of Lukoil.

According to the company's latest Eurobond prospectus, Alekperov was, as of September 30, 2021, the indirect or indirect owner or beneficiary, including via family trusts and mutual funds, of 28.33% of Lukoil's share capital.

Alekperov founded Lukoil, which as registered as a joint-stock company in 1993, when he headed the company in the capacity of president.

The UK included Alekperov in its sanctions list on April 13. Australia had already sanctioned him.

Vorobyev, born in 1961, has worked for Lukoil since 1998 and served on the management board since 2010.