LUKoil CEO Alekperov re-elected for five-year term

Shareholders of Russia’s privately held oil company LUKoil re-elected the firm’s President Vagit Alekperov for a five-year term at their annual meeting on Thursday.

Alekperov, who has been head of LUKoil since 1993, announced in the fall of 2010 he intended to stay on as president of Russia’s largest private oil company and implement the company’s plans because “the company’s numerous projects gave him grounds to keep the post.”

LUKoil posted a $9.006 billion net profit to US GAAP in 2010, a 28.5 percent increase on the previous year.

The LUKoil shareholders also elected Richard Matzke, former vice-chairman of Chevron, and Guglielmo Moscato, chairman and chief executive officer of Gas Mediterraneo Petrolio, as independent board directors to replace Donald Valletta from the US third top oil company ConocoPhillips, which sold its stake in LUKoil in February, and Igor Belikov, director of the Russian Institute of Directors.

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