Born in 1950 in Azerbaijan, Alekperov took after his father and began working in the oil industry at age 18. He studied to become an engineer at the Azerbaijan Oil and Chemistry Institute and worked for the oil companies Kaspmorneft, Surgutneftegaz, Bashneft and Kogalymneftegaz before becoming deputy minister of the Soviet Union's oil and gas industry. His position as deputy minister led him to the formation of Lukoil.