Europe

Russian oil producer Rosneft reshuffles management

Rosneft CEO Igor Sechin

Russia’s top oil producer Rosneft said on Monday it had made changes to its managerial structure and that veteran oilman Igor Maidannik had left the company.

Kremlin-controlled Rosneft, the world’s largest listed oil producer by output, said its head, Igor Sechin, had taken the decision to “enhance the effectiveness of the company’s managerial structure”.

Maidannik held a senior position in Rosneft’s legal department and previously worked in the Anglo-Russian TNK-BP firm, which Rosneft bought for $55 billion in 2013.

He will be replaced by Natalia Mincheva, Rosneft said, without giving details about her background. The firm said it had also made personnel changes in its information technology and logistics departments.

The company, hit by Western sanctions over Moscow’s role in the Ukraine crisis, has been struggling to increase output and has cut staff.

It also recently sold a 10% stake in Russia’s largest new oilfield, Vankor, to China National Petroleum Corp and has asked for 2 trillion roubles ($40 billion) in state help from one of Russia’s sovereign wealth funds.

The government is yet to approve the state aid.

Rosneft needs to invest more than $21 billion annually until 2017 to launch new fields and upgrade refineries.

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