Value of his stake in Russia's third largest oil producer, TNK-BP, soared 70% over past year to $5.4 billion. Company announced record profits in...
Value of his stake in Russia's third largest oil producer, TNK-BP, soared 70% over past year to $5.4 billion. Company announced record profits in 2010. Was tapped by Russian government to head project Skolkovo, seen as Russia's attempt to create a version of Silicon Valley. Born in the Ukraine, made his first million selling scrap copper from worn out cables. In the 1990s together with fellow billionaire Len Blavatnik bought aluminum smelters, united them in SUAL, which later become a part of UC Rusal, in which he still has a stake. Consummate dealmaker also has interests in chemicals, utilities and telecoms. Owns collection of Faberge eggs.
The Renova Group is comprised of asset management companies and investment funds that own and manage assets in several sectors of the Russian economy, including energy. In 2016, Russian prosecutors raided Renova’s offices and arrested two associates of Vekselberg, including the company’s chief managing director and another top executive, for bribing officials connected to a power generation project in Russia.