Sechin Returns to Rosneft Directors’ Board

KHABAROVSK, November 30 (RIA Novosti) – Igor Sechin, chief executive officer of Russia’s largest oil company, Rosneft, was elected to its board of directors at a shareholders meeting on Friday.

Sechin, who has led Rosneft since 2004 while being a deputy prime minister in charge of Russia’s fuel and energy sector in the previous government, resigned as chairman of the board last year when Russia’s then President Dmitry Medvedev ordered state officials to give up their directorships in state-run firms.

He was renamed Rosneft CEO in May as he was not reappointed as deputy prime minister, and since then oversaw Rosneft’s agreement last month to acquire TNK-BP from British oil major BP and the AAR consortium of Russian billionaire shareholders in a $55-billion deal that makes the Russian company the world’s largest publicly traded oil producer.

Eduard Khudainatov, the company’s first vice president and former head of Rosneft, was not reelected to the board.

Rosneft shareholders also decided on Friday to pay additional 41.9 billion rubles ($1.34 bln) in dividends for 2011, bringing the total to 78,5 billion rubles ($2.54 bln) or 24,8% of the company’s net profit.


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