Igor Sechin returned to Rosneft

Former Deputy Prime Minister Igor Sechin is leaving the ranks of officials. Now he will head Russia's largest state-controlled oil company
Rosneft, the post of chairman of the board of directors of which he left a year ago. The former Deputy Prime Minister for the Fuel and Energy Complex in the government of Vladimir Putin remained one of the few who did not receive a formal reassignment after his resignation from the Cabinet.

Prime Minister Dmitry Medvedev announced that former Deputy Prime Minister Igor Sechin will head Rosneft. “Igor Ivanovich, you have been involved in energy issues in recent years and have acquired good management experience, so I believe that this capital needs to be managed correctly,” the prime minister said during a meeting with Mr. Sechin. “I have just signed a directive to the board of directors of the Rosneft joint-stock company.” , so that you take the position of head of the executive body of this company." According to the charter, the executive body of Rosneft is the board, and it is headed by the president. Now this position is occupied by Eduard Khudainatov. Nothing is known yet about his further fate. Kommersant's sources assure that he will continue to work in the company.

Dmitry Medvedev emphasized that Rosneft is a “largest and very important” company, which in recent years, “not without the participation” of Igor Sechin, “has made a very powerful leap forward.” Igor Sechin, a longtime associate of current President Vladimir Putin, with whom he has worked since the 1980s, headed the board of directors of Rosneft from 2004 to 2011. Since 2007, he also headed the board of directors of the state-owned company Rosneftegaz, which is the holder of state blocks of shares in Rosneft and other state-owned companies. In March 2011, then-president Dmitry Medvedev demanded an end to “state capitalism” and the replacement of company officials with independent directors. Igor Sechin left his posts in the companies, retaining the position of Deputy Prime Minister in charge of the fuel and energy complex. At that time, investors reacted negatively to this, but now they are clearly happy about his return - the company’s shares went up immediately after the announcement of the new appointment.

Alexander Gudkov

Chief Oil Officer