Denis Jeršov

Denis Jeršov (April 12, 1966 – November 18, 2017) was a Lithuanian engineer and an oil & gas entrepreneur. He was the founder of two of the biggest oil and gas export companies in Russia. Later in his career, Jeršov became widely known for his heavy investments in the oil & gas industry of Bulgaria. In 2006, Denis Jeršov married Elena Rogojina - an internationally celebrated top model and a former Miss Russia and Miss Europe. The couple was known for their affinity for the arts, and their patronage of the National Theater in Bulgaria, among others.

Early life and education

Denis Jeršov was born in 1966 to a Lithuanian family in Chelyabinsk, the Soviet Union. After graduating high school, he earned an oil & gas engineering degree in mining and extraction from the Tyumen State Oil and Gas University in the Soviet Union in 1988.

Career

Conex In 1990, Denis Jeršov became one of the founders of Conex, a company created by some of the biggest state-owned oil and gas companies in Russia. Among them were Rosneft (called Пурнефтгаз at the time), Gazprom Neft (called Сибнефть at the time) and Yukos Oil Company (called Юганскнефтегаз at the time).

Between 1990 and 1993, Denis Jeršov served as an Executive Vice-President of Conex in charge of exports of oil and gas products for the state-owned Russian oil companies. Between 1991 and 1996, Conex was among the top tree biggest exporters of crude oil from Russia and the countries from the former Soviet Union.

Between 2001 and 2004, the biggest Russian oil and gas companies began to establish their own foreign trade networks and decreased their reliance on Naftex. Around the same time, Naftex Oil Trading LTD became one of the main providers of crude oil to Bulgaria's biggest oil refinery-Neftochim, which later became part of the Lukoil group of companies and now does business as Lukoil Neftohim.

Foreseeing the independent foreign expansion of some of his biggest clients such as Yukos, Rosneft and Gazprom Neft (called Сибнефть at the time), Jeršov made considerable investments in Bulgaria's oil & gas industry becoming one of Bulgaria's largest foreign investors in the post-communist period.

Petrol was acquired by the Jeršov-led consortium for $50.5 million and a four-year $66 million investment program after a privatization competitive tender organized by the Bulgarian Government.

2001–2004 Jeršov's legal challenges against the ban continued for 4 years, during which he was forced to reside outside Bulgaria. During that time Naftex Bulgaria Holding AD (controlling 95% of Petrol) was managed by the minority shareholder and CEO Mitko Sabev.

2004–2013 After the ban was lifted in 2004, Jeršov returned to Bulgaria and began restructuring and modernizing Petrol. Naftex Bulgaria Holding AD (NBH) was renamed to Petrol Holding AD and served as a holding company for Petrol and all other business interests of Jeršov in Bulgaria. As part of said restructuring, Jeršov agreed to increase the stake of his Bulgarian business partner and CEO at the time, Mitko Sabev, to 47.5% of Petrol Holding AD, with Jeršov retaining control of the holding with 47.5% owned by him and 5% owned by Alexander Melnik – a former classmate and a friend of Jeršov.

Following this arrangement, Mitko Sabev continued to exercise day-to-day control over Petrol Holding AD's activities for the next few years. During that time tensions between Jeršov and Sabev started to escalate. In 2010, Jeršov alleged that his partner and managing director of Petrol Holding – Mitko Sabev had lost more than $100 million through stock market speculations.

In the years between 2010 and 2014 a highly-contested legal battle for control over the Holding ensued. The conflict between Jeršov and Sabev, Petrol Holding's two largest shareholders, was widely publicized in the Bulgarian media at the time.

2014–2016 Jeršov spent the following two years in more legal battles while trying to restructure and rescue Petrol Holding without "Petrol" in it. His efforts were ultimately unsuccessful and Petrol Holding declared bankruptcy in 2016.

Personal life Denis Jeršov was known to have enjoyed acting in his early life. During his time in Tyumen State Oil and Gas University, he founded the first university theater group with his future friend and business partner Alexander Melnik.

Denis Jeršov was married 3 and had two children with 2 of his wives. His 3 wife was who was the 1997 titleholder of the Miss Russia beauty pageant and the 1999 Miss Europe. Elena and Denis met at a charity gala in London in 2005 and married a year later. During their life in Bulgaria the couple became known for its patronage of the arts and in particular the National Theater of Bulgaria, where Elena funded several performances of Russian classics. Elena later was admitted and pursued a degree in Arts History at the Bulgarian Academy of Arts.