Abramovich’s life started out very difficult. His mother passed away when he was 18 months old and his father was killed in a construction accident when Abramovich was at the age of 4. He was raised by 2 different uncles and lived in many different Russian orphanages.
Abromovich attended the Industrial Institute before he was drafted into the Soviet Army. He later earned a correspondence degree from the Moscow State Law Academy. In the late 80’s Soviet president Mikhail Gorbachev’s allowed for individual ownership of small businesses. The entrepreneur, Abramovich started 5 companies between 1992 – 1995, all specializing in the oil industry.
Abamovich chose a great industry. With his partner, Boris Berezovsky, he became majority owners of Sibneft, a major oil company. During the 90’s Abrmovich also acquired private aluminum holdings and merged them with holdings of Oleg Deripaska to form the world’s second largest aluminum producer, Russian Aluminum.
Abrmovich got into politics in 1979 representing the poor region of Chukorta Autonomous Okrug in the State Durma. He was elected governor of Chukorta in 2000 and also started the charity Pole of Hope which which sends children to summer camps and sends shipments of food aid to Chukotkan villages. .Abmovich has invested hundreds of millions of pounds in Chukotka building a college, a hospital, a pre-school, hotels, renovating the local airport and funding new or renovated schools in many towns and villages. His company, Sibneft, used Chukotka as a tax haven, but also reinvested much of the tax savings in the district
In September 2005, he sold 73% of Sibneft to Gazprom, a company controlled by the Russian government for $13 billion pounds. In May 2006, Abromovich announced plans to purchase 54% of Russia’s biggest Steel producer, Evraz.
Abromavich is a big fan of European football (soccer). In June 2003, he bought the Chelsa Football club in the United Kingdom. Abrromavich began a plan to make Chelsa a worldwide brand. He has been pouring million of GBP into the club. Chelsa announced a loss of GPB 140 million for the year ending June 2005 but the purchase and subsequent investment in the English club, caused problems in Russia. To remedy the pressure in Russia, Abramovich invested $58 million in CSKA Moscow.
Abromovich is a firm supporter of Jewish causes in both Russia and Israel. The Abromovich neighborhood in Tel Aviv has received donations for several projects. Other interests include the “Abromovich Navy” which consists of 3 luxury yachts and he is a patron of the Arts, including sponsoring an exhibit of photographs of Uzbekistan by Max Penson. Abromovich has acquired homes in the South of France (former home of the exiled Duke of Windsor), a 440 acre estate in West Sussex and a residence in London.
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