MOSCOW Aug 30 Igor Sechin, the chief executive
of Russia's top oil producer Rosneft, has increased
his stake in the company to $65 million just a week after it was
first disclosed that he had bought stock.
The state-controlled oil major said in a filing that Sechin
had upped his shareholding to 0.0849 percent from an initial
purchase of 0.0075 percent that was paid for out of his annual
"The board of directors (has) recommended that top managers
should spend their annual bonuses to acquire shares of the
company," Sechin said in a statement. "I think this programme
can be extended through both personal funds and borrowings."
It is most unusual in President Vladimir Putin's Russia for
officials or executives at state-controlled corporations to
declare such large financial interests, an indication that
Sechin continues to enjoy extraordinary influence.
Sechin, who last year left a senior government post to take
the helm at Rosneft, has exerted decisive control over strategy
since he was first appointed the company's chairman, a
non-executive role, in 2004.
Under the 52-year-old's leadership Rosneft has become the
world's largest listed oil company by output. Its market value
of $76.9 billion has grown by nearly 7 percent since the first
news that he had bought stock.
British oil major BP owns nearly 20 percent of
Rosneft, acquired through the sale this year of its stake in oil
venture TNK-BP. The state owns 69.5 percent through Rosneftegaz,
a holding company that is chaired by Sechin.