Born in 1957 in Drohobych, Viktor Vekselberg transitioned from academic engineering research to becoming a central figure in Russian industrial consolidation. Holding citizenship in Russia, Cyprus, and the former Soviet Union, he founded the Renova Group in 1990, subsequently building an extensive portfolio that spans aluminium production, oil and gas, manufacturing, and high-technology infrastructure across multiple international markets.
Early Career and Education
Vekselberg earned his degree from the Moscow State University of Railway Engineering in 1979. His professional trajectory began in the laboratory of the Design Bureau for rodless pumps, known as Konnas, where he operated as a researcher. The shifting economic landscape of the late 1980s, driven by policies of Perestroika and Glasnost, allowed him to move into private business by founding the company Komvek in 1988.
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In 1990, he co-founded Renova Group with associates Leonard Blavatnik and Vladimir Balaeskoul. The firm focused on industrial assets, notably recommissioning the Irkutsk Aluminium Plant. By 1996, he helped establish the Siberian-Urals Aluminium Company, which eventually merged into United Company RUSAL. His involvement in the oil sector included a partnership with Alfa Group and Access Industries to form the AAR consortium. This entity facilitated the 2003 merger with British Petroleum to create TNK-BP, the largest private transaction in Russian history at that time.
Diversification into Infrastructure and Tech
After divesting from oil and gas in 2006, Renova Group shifted toward manufacturing, renewable energy, and infrastructure. Vekselberg oversaw the construction of two greenfield airports: Platov International Airport, opened in 2017, and Gagarin International Airport, which became operational in 2019. Additionally, as co-chair of the Skolkovo Foundation, he engaged in international partnerships with firms such as Cisco Systems to foster technological innovation.
International Assets and Legal Scrutiny
To support business diversification, Renova Group established a Swiss branch in Zurich in 2004. Between 2006 and 2009, the group accumulated significant stakes in Swiss corporations Oerlikon and Sulzer. These acquisitions prompted investigations by Swiss authorities; however, the Federal Criminal Court confirmed in 2010 that no wrongdoing occurred during the share accumulation process. Subsequent criminal proceedings regarding his investments in Sulzer were also dropped by the Federal Department of Finance.
Fast facts
- Born: 1957, Drohobych
- Citizenship: Russia, Cyprus, Soviet Union
- Education: Moscow State University of Railway Engineering
- Renova Group founded: 1990
- Awards: Order For Merit to the Fatherland, 3rd and 4th class
- Languages: Russian
- Occupations: Engineer, entrepreneur, mathematician, collector
Questions readers ask
What was the significance of the TNK-BP merger?
It was the largest private transaction in Russian history, combining Russian oil assets with British Petroleum in a 50-50 joint venture.
What is the Skolkovo Foundation?
A non-profit organization established in 2010 to encourage innovation and openness within the Russian economy, where Vekselberg served as a co-chair of the board.
Achievements
- Worked as entrepreneur, engineer and collector
