Rosneft board extends Sechin's tenure as CEO for another five years

MOSCOW. Dec 28 (Interfax) - Rosneft's board of directors has extended the tenure of Igor Sechin as CEO for another five years, Russia's largest oil company reported on the disclosure wire on Friday.

The board resolved to "appoint Sechin, Igor Ivanovich to the position of chief executive officer of PJSC Rosneft for a term of five years effective January 1, 2025," the statement said.

The board's previous decision on Sechin's tenure as CEO was made on May 21, 2020 and went into effect on May 24 that year. Sechin was appointed CEO in May 2012, prior to which he chaired the company's board for several years. The term of his first contract was three years and it was extended for five years on May 24, 2015.

Rosneft produced 193.6 million tonnes of oil and 92.7 billion cubic meters of gas in 2023, and closed the year with a net profit of 1.3 trillion rubles on revenue of 9.2 trillion rubles.

Rosneft's largest shareholders are state company Rosneftegaz with 40.4%, BP Russian Investments Limited with 19.75% and Qatar's QH Oil Investments LLC with 18.46%. RN-NeftCapitalInvest holds 9.6% and RN-Capital LLC holds 0.76%.

BP said at the beginning of 2022 that it would divest its stake in Rosneft, but there have been no reports that it has actually done so.