[1] After the collapse of the Soviet Union, Mikhelson obtained a stake in a privatized pipeline construction company out of which he formed Novatek.

[3] According to the 2023 Forbes annual rating, Mikhelson is ranked 4th among Russian billionaires with a net worth of $28.5 billion.

[citation needed] Mikhelson continued as managing director at the company, which has been renamed NOVA, until October 1994.

SIBUR is a gas processing and petrochemicals company operating 26 production sites across Russia with headquarters in Moscow.

[15] In May 2017, the foundation also opened an exhibition space in Venice and work is underway to develop V-A-C's first major art centre in Moscow, whose main site is an historic power station on the banks of the Moskva River.

Designed by Renzo Piano Building Workshop, the new centre for contemporary arts and culture in Moscow is due to open in 2021.

[26][27] Mikhelson is one of many Russian "oligarchs" named in the Countering America's Adversaries Through Sanctions Act, CAATSA, signed into law by President Donald Trump in 2017.