Roman Abramovich
Russian Oligarch

NameAbramovich, Roman
BiographyA billionaire, Abramovich has been called the Yeltsin family cashier,1 and was listed as 49th wealthiest man in the world by Forbes in 2003.2 References
1 Colonel Stanislav Lunev, Russian Parliamentary Elections, Newsmax, 4/1/2000.
2Ananova, Roman Abramovich Profile, 2/7/2003.
3 Ibid.
4 Bakhtang Kipiani, Kazus Abramovicha Gubernator Chukotki Stav Khazyainom Chelsi, Ukrains'ka Pravda, 14/7/2003.
5 Ananova, op cit.
6 "Russian Oligarchs: The Boy Done Good", Economist, V368#8331, 5/7/2003, p60.
7 From a 2001 Forbes biography archived at this site.
8 Lee S. Wolosky, "Putin's Plutocrat Problem", Foreign Affairs, V79#2, March/April 2000, p21.
9 Ibid, p22.
10 The Economist, op cit.
Born in Saratov, on 24th October 1966, Abramovich was an orphan by the age of four.3
Abramovich's studies were truncated when he was drafted into the Soviet Army.
Although he also holds a Ukrainian passport,4 Abramovich was elected Chukotka's representative to the Russian Duma in 1999, and became Governor of Chukotka in 2001,5 showering the province with infrastructure and other funding from his own pocket. Subsequently, Abramovich was able to grant tax waivers to his petrochemical company Sibneft in Chukotka.6
His fortuneThrough a series of inside deals, Abramovich has amassed a vast fortune. For example, he owns a large stake in the world's second largest aluminium producer, Russian Aluminium, as well as 49% of television station ORT.7 However, the most important component of his fortune has been his oil trading.
Affiliates of Abramovich, with affiliates of Boris Berezovsky, purchased Russian oil company Sibneft for $100.3 million. Sibneft produces around $3 billion worth of oil annually.8
Sibneft diluted the shares of its principal production company, Noyabrskneftagaz, then merged with it, transferring over $400 million. (September 1997).9
In 2003, Abramovich sold most of Sibneft to Mikhail Khodorovsky's larger oil company, Yukos. This deal included $3 billion in cash. In July, Abramovich purchased Chelsea Football Club, and essentially remade the team from the ground up, buying many new players.10
WebsitesForbes: Forbes Biography of Roman Abramovich, archived by
Ananova, Roman Abramovich Profile.
Pravda: article relating to Abramovich, with a picture.
See AlsoBoris Berezovsky, Mikhail Khodorovsky. (Entries in preparation).

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Copyright 2001-2004 Trevor Stanley, PWHCE