Another veteran of Russia’s premier oil producer Lukoil, vice president Leonid Fedun, has tendered his resignation, the company said on Monday.

Fedun, born in 1956 in Kiev, said “reaching the pension age and family circumstances” led to the decision to step down, according to Lukoil.

“Fedun is a key person in the Lukoil’s history who oversaw the development of the company to become one of the largest [producers] in the world. He foresaw many important developments in the industry which was reflected in the [Lukoil’s] strategic decisions”, the company's recently appointed president Vadim Vorobyov said.

In April, long-serving Lukoil president and a core company founder, Vagit Alekperov, also resigned, saying he wanted to focus on managing social projects across the country.

Alekperov had been personally sanctioned in the UK and Australia after the Russian military invasion of Ukraine in February.

Despite being on the list of Russian billionaires such as Alekperov, Fedun has never been sanctioned by western powers.

Both former executives are believed to control an estimated combined share of 37.7% in Lukoil directly and indirectly via affiliated investment vehicles.

Although international trading of Lukoil’s stock was halted due to the war in Ukraine, it has continued to trade on the Moscow stock exchange, with current market capitalisation estimated to be about 2.84 trillion rubles ($51.6 billion).

Djaparidze exit

In 1991, Alekperov and Fedun, together with another Soviet industry executive and their associate, Alexander Djaparidze, obtained a governmental decision to exclude three oil producing units in West Siberia — Langepas, Uray and Kogalym — from state management.

According to the decision, the three units were united under a single roof, with management of the new entity entrusted to Alekperov.

Djaparidze is understood to have cut his exposure to the Russian oil sector in May, after selling control of the country’s leading drilling provider, Eurasia Drilling, to a Russian registered firm believed to be owned by two Russian oil industry businessmen, according to Moscow news agency Interfax.

For years, Eurasia Drilling remained a major provider of drilling services to Lukoil in West Siberia. The drilling provider also operates a fleet of jack-up rigs in the Caspian Sea that Lukoil used to explore and develop several oil and gas fields in the Russian sector of the sea.