RUSSIA’S ROSNEFT HAS NEW OWNERSHIP STRUCTURE BUT SAME CEO

SOURCE: KREMLIN.RU

25 May 2020

RUSSIA’S ROSNEFT HAS NEW OWNERSHIP STRUCTURE BUT SAME CEO

Russia’s biggest state-run crude oil company Rosneft officially confirmed it saw the shift in its ownership structure – and is now no longer controlled by the state after the Rosneftegaz state holding company had relinquished its controlling stake. This is a step towards handing the Kremlin-endorsed company to Putin’s close allies and their foreign partners, all of whom are likely to pump money out of the oil company. Of course, Igor Sechin will be at the helm of this.

Russian energy giant Rosneft re-appointed chief executive Igor Sechin, starting from May 24, 2020, for another five years. Sechin took the office as the chief executive of Rosneft in May 2012, prior to which he was the chairman of the company’s board of directors (a type of