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Rosneft CEO purchases USD 5.5 million shares

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August 23
9:03 AM 2013

The Chief Executive Officer of Rosneft acquired company shares worth USD 5.5 million. The shares purchased by Igor Sechin were his first in Russia's number one oil producer. A spokeswoman of the state-controlled firm said the shares were bought with the CEO's bonus. She said, "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." The purchased shares represented a 0.0075% stake in the firm.

Sechin became Rosneft's Chairman in 2004. He had since led the firm to become a formidable global oil player. With a market value of USD 73.2 billion, it is the biggest listed oil firm in the world by output.

The Russian company's most recent acquisition is its USD 55 billion takeover of Russia's third largest oil producer TNK-BP. The deal also led British oil player BP Plc to increase its stake in Sechin's firm to close to 20%. Sechin also has exploration agreements with ExxonMobil and Statoil.

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