4 September 2017, 10:25

Ministry of Energy of Russia has awarded  the Chairman of the Board of Directors of PJSC “RussNeft” Mikhail Gutseriev the Medal of Merit for Development of Fuel and Energy Sector (1st class), as reported by the company`s Press Service to  RBC.

In its award order, the Ministry highlighted “longstanding conscientious efforts and significant personal contribution” of Mikhail Gutseriev to the development of Russian oil industry. 

The Medal of Merit for the Development of Fuel and Energy Sector was established in March of 2017. It is awarded for outstanding services of individuals and businesses that contribute to dynamic development of the industry.

According to the Forbes list of Top 200 wealthiest Russian people in business, Mikhail Gutseriev took 20th place with USD 6.3 billion.    

According to another Forbes ranking, the Gutseriev family topped the list of 10 richest clans of Russia. The combined fortune of the family is amounted to USD 9.91 billion. The fortune of Mikhail Gutseriev`s son, Said, is estimated at USD 770 million. In the end of August, the businessman gave his son Said 19% stake in RussNeft and Neftisa (controlled by Gutseriev). However the controlling stake remained with the father.   





Mikhail Gutseriev was born March 9, 1958 in Tselinograd city of Kazakhstan. He graduated from Dzhambul Institute of Technology and has subsequently received multiple higher education degrees, including Doctor of Science in Economics. In the end of 1980-th Gutseriev, who previously worked as General Director of the Groznenskiy Production Association under the Ministry of Local Industry of the RSFSR, founded a Russian-Italian joint venture - a furniture factory – and one of the first commercial banks in the country. In 1992, he established the industrial and financial company “BIN” in Moscow (Bank of Investments and Innovations) and two years later set up and headed a zone of economic favour - Ingushetia – the first internal offshore territory in Russia. In 1995 he took up the post of Deputy Chairman of the State Duma. In 2000 Gutseriev was appointed the President of the state-controlled Slavneft company, but was unable to take part in its privatization. Instead, backed by trading company Glencore, he started RussNeft from scratch. In November 2016, RussNeft conducted its initial public offering at Moscow Stock Exchange, where Belyrian Holding Limited controlled by Gutseriev sold 20% stake for USD 500 million.