Leonid Mikhelson
Russia
Net Worth
$29B
Source of Wealth
NOVATEK
Global Rank
#45 of 100
About Leonid Mikhelson
Leonid Mikhelson is the chairman and co-owner of NOVATEK, Russia's largest independent natural gas producer and one of the world's leading liquefied natural gas (LNG) companies. An engineer by training, Mikhelson has spent four decades building NOVATEK into a world-class energy company that has pioneered the development of Arctic natural gas resources and established Russia as a major player in the global LNG market.
Mikhelson's greatest achievement is the development of the Yamal LNG project, one of the largest and most technically challenging industrial projects in history. Located above the Arctic Circle in Siberia, Yamal LNG required extraordinary engineering to produce and liquefy natural gas in extreme conditions, with winter temperatures reaching minus 50 degrees Celsius. The project was completed on time and within budget — a remarkable feat for a facility of its scale and complexity — and began producing LNG in 2017.
Beyond energy, Mikhelson is a dedicated patron of contemporary art and culture. His V-A-C Foundation supports contemporary art exhibitions, educational programs, and cultural exchanges, and he has backed the development of the GES-2 House of Culture in Moscow, a world-class contemporary art space. His combination of engineering excellence, business leadership, and cultural patronage makes him one of the most multifaceted business leaders in the world.
Key Achievements
Built NOVATEK into a Global LNG Leader
Grew NOVATEK from a small gas company into Russia's largest independent natural gas producer and a globally significant LNG player, with a market capitalization of tens of billions of dollars.
Yamal LNG Project
Led the development of the Yamal LNG project above the Arctic Circle, one of the most technically challenging and successful industrial projects in history, delivering on time and within budget.
Arctic Energy Pioneer
Pioneered the extraction and liquefaction of natural gas in extreme Arctic conditions, demonstrating that complex energy projects could be executed safely and efficiently in the most challenging environments on Earth.
V-A-C Foundation and GES-2
Established the V-A-C Foundation for contemporary art and supported the transformation of the GES-2 power station in Moscow into a world-class contemporary art and cultural center.
Notable Quotes
“Engineering is about solving problems that matter. The harder the problem, the more rewarding the solution.”
— Leonid Mikhelson
“The Arctic holds enormous potential, but developing it requires patience, innovation, and respect for the environment.”
— Leonid Mikhelson
Key Decisions
Acquired a controlling stake in what would become NOVATEK, beginning the process of consolidating Russian independent gas assets into a unified, world-class energy company.
Committed to developing the Yamal LNG project, making the bold decision to invest billions in an Arctic gas liquefaction facility that many considered too risky and technically challenging.
Established the V-A-C Foundation and invested in the GES-2 House of Culture, demonstrating a deep commitment to contemporary art and cultural development.
Celebrated the completion and first shipment of Yamal LNG, marking a milestone in Arctic energy development and establishing NOVATEK as a major global LNG supplier.
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