Support The Moscow Times!

Sechin Buys $5M Rosneft Stake

Igor Sechin, the chief executive of Russia's top oil producer Rosneft, has bought his first shares in the company, accumulating a stake worth $5.5 million, the state-controlled oil major said.

Sechin, a long-time ally of President Vladimir Putin and considered by some Kremlin watchers to be the second most powerful man in the country, bought a 0.0075 percent stake in the company.

A Rosneft spokeswoman said Friday that Sechin had invested his bonus to buy the shares.

"It is a part of the company's corporate culture. Executives believe in the growth of the company's value and are interested in the result personally," she added.

Sechin has masterminded strategy at Rosneft since first becoming the company's chairman in 2004. Under the 52-year-old's leadership it has become the world's largest listed oil company by output and has a market value of $73.2 billion.

In his most recent coup, Rosneft bought TNK-BP for $55 billion in Russia's largest takeover. He has also struck strategic exploration deals with ExxonMobil, Eni and Statoil.

As part of the TNK-BP deal, British oil major BP raised its stake in Rosneft to nearly 20 percent. The state owns 69.5 percent through Rosneftegaz, a holding company also chaired by Sechin.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more