Adolf Lundin

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Person.png Adolf Lundin  Rdf-entity.pngRdf-icon.png
(businessman, deep state operative)
Adolf Lundin.png
Born19 December 1932
Died30 September 2006 (Age 73)
Alma materKTH Royal Institute of Technology, International Institute for Management Development
Children • Lukas Lundin
• Ian Lundin
RelativesBertil Lundin
Swedish oil and mining entrepreneur, and ardent anti-communist. Brother of powerful spook leader Bertil Lundin.

Adolf Henrik Lundin [1] was a Swedish oil and mining entrepreneur. From the 1970s through the 1990s Lundin established numerous natural resource companies both in the mining sector and the oil and gas sector, especially in high-risk but very high-return countries in The Global South requiring ruthless business methods. His dealings, including with apartheid South Africa, and his ardent anti-communism, makes him a likely player in the shady world of deep state activities.

Deep state connections

The Lundin company has mining projects all over the world

He was the brother of Bertil Lundin, leader of the Office for Special Assignments, the most secretive and powerful Swedish intelligence service.

Lundin was an ardent anti-communist. In the United States Lundin was involved with the conservative think tank, The Heritage Foundation based in Washington. In 1980, Lundin sponsored Ronald Reagan's election campaign. Lundin and his wife Eva were invited to the Reagan inauguration in 1981. The program included an inauguration party with Frank Sinatra that the couple watched from the front row.[2]

The Lundin Foundation was a major donor to the Clinton Foundation.[3]

As a junket, Adolf Lundin recruited Carl Bildt to the board of his company 2000 and 2006, which led to the former Prime Minister doubling his personal fortune.[4]

Anders Åslund, the spook and economist who ruined the Russian economy with his "advise" in the 1990s, received financial support from Lundin over the years.[5]

Adolf Lundin died in 2006, aged 73, from leukemia. He and his wife, Eva Wehtje, whom he married in 1957, had four children. His Lundin Group, continued by his sons Lukas Lundin and Ian Lundin. The brothers have invested considerable resources in rebranding the Lundin Group to make it more socially acceptable. They started an ostensibly philanthropic operation, "Lundin for Africa Foundation".

In 2007 it proclaimed it would to donate $100 million to the Clinton Foundation.[6][2] In return, they got the kind of favours from Hillary Clinton’s State Department.[7]


Lundin was the son of the chemist Harry Lundin and the brother of the former head of Sweden's most powerful intelligence service KSI, Bertil Lundin. His mother Maria Lundin (née von Wagner) was born into a German-speaking family in Odessa. His uncle Willy von Wagner died in 1943 on behalf of Nazi Germany during the occupation of Norway.[8] He was married to Eva, née Wehtje, who came from the family that controlled Skånska Cement (now Skanska) (her sister Olga was married to Marc Wallenberg). Lundin was the father of Ian H. Lundin and Lukas H. Lundin.

Lundin graduated in 1956 at the Royal Institute of Technology.

The early years

Between 1957 and 1960 he worked as a Petroleum Engineer for the Royal Dutch Shell Group in South America. In 1961 he earned an MBA degree from the Centre d’Etudes Industrielles in Geneva, Switzerland. Between 1961 and 1966 he was responsible for oil exploration activities in the North Sea and Portugal for the Ax:son Johnson Group. In 1966, he moved with his family to Geneva to work as assistant director of the Centre d’Etudes Industrielles (which later became the International Institute for Management Development).

Through his father-in-law Walter Wehtje, he got a job in the early 1960s at Ax:son Johnson-owned Nynäs Petroleum. In the early 1970s, Lundin together with a group of friends started the raw material fund Austro. When the nickel bubble burst, investors lost their money. The Lundin family was forced to sell their house in Geneva and move to the countryside.

In 1971, he started his career as an independent oil and mining entrepreneur on a global scale. His first successful venture was Gulfstream Resources which, in 1976, co-discovered the North Gas Field, offshore Qatar - this field remains today as the single largest known gas accumulation in the world.

Lundin Oil and Lundin Petroleum

In 1981, Lundin founded International Petroleum, later International Petroleum Corporation (IPC). In 1995, Adolf Lundin became the largest shareholder in Sands Petroleum AB. The companies merged in 1997 and formed Lundin Oil AB. The company was bought by Canadian Talisman Energy in 2001 in a deal valued at US$470 million.

Lundin Petroleum was formed in 2001. Corporate management and technical expertise were taken from the recently sold Lundin Oil. The new company had exploration assets in Sudan and Iran as well as a shareholding in the Russian oil company KMOC. In 2002, Lundin Petroleum purchased Coparex International fromBNP Paribas for US$172.5 million, acquiring exploration and production assets in France, the Netherlands, Tunisia, Venezuela, Indonesia and Albania. In 2003, 75 percent of OER Oil was acquired for 30 million Norwegian kroner and they thus took the step into the Norwegian market.[9]

At his death in 2006, Lundin was honorary chairman of Lundin Petroleum and his companies was valued at around SEK 90 billion.

Apartheid South Africa

In 1984, Swedish media drew attention to the fact that Lundin, despite the ongoing UN boycott against the apartheid government in South Africa, mined gold in the country. "I don't understand the Swedish rage against this beautiful country," was Lundin's comment.[10]

In 1996, the Lundin company Consolidated Eurocan entered the war-torn Democratic Republic of the Congo (Zaire) as the main owner of the company Tenke Mining, beginning work on exploiting the Tenke-Fungurume copper-cobalt mines in the southernmost Shaba province, which has the richest cobalt reserves in the world. Cobalt is a strategic metal, and the purchase for a quarter of a bilion dollars is worth many tens of billions dollars in profit. Consolidated Eurocan did this in a joint venture with Anglo American. [11] The same year, former president George HW Bush called Zairian president Mobutu in 1996 to help cinch the mine deal for Lundin.[12] The UN blacklisted the company, which it said "plundered the country of its natural resources" and accused Sweden's government of "being complicit if action is not taken".[13][14]

"There is so much oil and the country is working and everyone smells of peace",[13] stated Lundin in connection with his choice not to sell his company's last remaining oil concession in civil war- ridden Sudan. His company had previously been heavily criticized for doing business with the dictatorial regime in Khartoum, which was said to have exacerbated the conflict, including by burning down villages and displacing residents to make way for a road. [15][16]

Having done business with such governments such as Iran, Libya, Sudan and South Africa, he was asked if there is any regime he would not cooperate with. The answer was clear: "I would not dream of doing business with the Soviet communist politicians. I think it was a great hypocrisy when Sweden criticized the South African government, but chose to look through the fingers when it came to the abuses that took place in the Soviet Union. It was something that made me both angry and disappointed."[17]


  2. a b Lundin may have led Bildt to the heart of darkness, The Local, 22 December 2011
  6. Lundin Group Commits $100 Million to Clinton Giustra Sustainable Growth Initiative, 6 Jule 2007
  8. Lundin, Maria; Johansson, Georg (1993). En 1900-talsresa Från Odessa till Bromma. sida 98
  13. a b
  17. Lundin, Adolf H; Eriksson, Robert (2003). Adolf H Lundin - Med olja i ådrorna och guld i blick. sid. 281