He is an Azerbaijan and Russian business magnate and holding the position of leading Russian oil company LUKOIL, first biggest independent oil company, which is developing in the giant west Qurna-2 oilfield in Iraq, one of the huge deposits across the globe. Extraction of oil initiated there in March 2014. LUKOIL is known to be first Russian company to acquire an American Company. In 2000, this firm procured Getty Petroleum Marketing along with its 1300 gas stations in the America. Vagit is also interested in the field of banking and media. Alekperov has written will containing the LUKOIL named to his son Yusuf with caution that unable to sell this stake, safeguarding this company as clan's biggest share. He is the deputy minister of the Soviet Oil Industry. He was in the working environment since his 18 and after graduation, he continued to work and in 1979, he was promoted as a chief of production unit. In 1991, he initiated lukoil by annexing three big oil fields. He wrote a book named "oil of Russia: Past, present and future".