Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Sechin Rosneftegaz Chairmanship Not Yet Finalized

Sechin was forced to vacate his spot on the boards of directors of both Rosneft and Rosneftegaz in April 2011 after a directive from then-President Medvedev. Andrei Makhonin

The quarterly financial statements published by Rosneft, Gazprom and Gazprombank on the same day provide different information as to who chairs Russian state-owned holding Rosneftegaz's board of directors, Interfax reported.

Rosneft maintains that Igor Sechin, Rosneft's president, occupies the position. Gazprombank, however, says that the chairman of its management board, Andrei Akimov, was still the chairman of Rosneftegaz's board of directors on the date that the second quarter 2012 financial report was compiled. Gazprom, on the board of directors of which Akimov sits, also indicates that he is the chairman at Rosneftegaz.

Natalya Timakova, Prime Minister Dmitry Medvedev's spokeswoman, told Vedomosti and Kommersant that the directive on Sechin's appointment to chairman of Rosneftegaz's board of directors has not yet been signed.

Sechin chaired Rosneftegaz's board of directors from 2006 to 2011. In April 2011, then-President Dmitry Medvedev demanded that all government representatives be removed from the boards of directors of state-owned companies. Sechin, who was a deputy prime minister at the time, was forced to vacate his spot on the boards of directors of both Rosneft and its parent company, Rosneftegaz.

After the presidential elections in March 2012, Sechin was not included in the new government. In May, he was appointed president of Rosneft and nominated to Rosneftegaz's board of directors. According to Rosneftegaz's information, the company's board of directors was changed on June 30. Rosneftegaz's chief assets are 75.2 percent of Rosneft's shares and 10.7 percent of Gazprom's shares.

The significance of Rosneftegaz increased this year, when it received the right to use accumulated dividends to purchase government-owned assets undergoing privatization.

Related articles:

… 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.

paiment methods
Not ready to support today?
Remind me later.

Read more