Novatek's Leonid Mikhelson: Surviving Russia's Turmoil

No. 6: Leonid Viktorovich Mikhelson, 59

Chairman Management Board, Novatek OAO

IN CURRENT JOB: Since 2003

NATIONALITY: Russian

PLACE OF BIRTH: Kapiysk, Dagestan, Russia

PRIOR JOB: General Director of Novafininvest

EDUCATION: Degree from Kuybyshev Engineering and Construction Institute

2014 STAKE IN COMPANY: $7 billion, about half his estimated net worth

2006 GLOBAL 2000 RANK: 1603

2015 GLOBAL 2000 RANK: 748

Billionaire Leonid Mikhelson put on a brave face last year when the U.S. imposed sanctions on Novatek in retaliation for Russia's aggressions in Ukraine. Mikhelson owns about 25% of the publicly traded company, Russia's second-largest natural gas producer. His plans to spur growth are centered on the Yamal Peninsula of northern Siberia, where Novatek is working to build a $27 billion liquefied natural gas export terminal. "I think that putting us on the sanctions list will not force us to change our plans," Mikheson told Russian media last July. "All orders are being placed."

Mikhelson started off as an engineer. After the fall of the Soviet Union he acquired a stake in a privatized pipeline construction company, out of which he formed Novatek to secure licenses to explore for gas in the Yamal-Nenets region. Novatek held an IPO in 2005, and caught the attention of Vladimir Putin's best billionaire buddy Gennady Timchenko, whose Volga Resources gradually acquired a 23% stake. State-controlled Gazprom also owns 10% or more. With all that support behind it, Novatek shares have shrugged off U.S. sanctions to reach new highs this year. Mikhelson's stake in the company is worth $7 billion, about half his estimated fortune.

He’s not much for sharing his world views, but in an indication of where his historical sympathies lay, last year Mikhelson’s art foundation sponsored a New York exhibit called “Ostalgia.” It featured art of the Soviet bloc before the fall of the Berlin Wall.

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