Forbes: Novatek’s CEO is the richest man in Russia

Leonid Mikhelson, chief executive and co-owner of Novatek has become Russia’s richest person, according to Forbes.

The latest rating from the U.S. magazine reveals that Mikhelson is on the 60th place on the Forbes World’s Billionaires List with an estimated net worth of about $14.4 billion.

Mikhelson’s fortune got a boost after Chinese state-owned Sinopec paid $1.3 billion in December for 10% of Sibur, the gas-processing and petrochemical company that he controls, Forbes said.

He is also a key shareholder in Novatek that is the developing the giant Yamal LNG project.

Yamal LNG project includes the construction of a liquefaction plant with annual capacity of 16.5 million tons per annum based on the feedstock resources of the South-Tambeyskoye field. The production from the LNG project is scheduled to start in 2017.

LNG World News Staff