Wednesday, September 13, 2006
Rosneft: The Second Generation
Zeta-Files 09-13-2006 Kommersant
// FSB Director Installs His Own Son in the Company
Word got out yesterday of the appointment of Andrey Patrushev, son of Russian Federal Security Service (FSB) head Nikolay Patrushev, as an advisor to Rosneft Board of Directors Representative Igor Sechin. The younger Mr. Patrushev comes to the post from the "oil" department of the FSB. The "familial" consolidation of the management of Rosneft is going on amid rumors of the
company's imminent privatization: it is expected that the government's share in the company could decline as early as April 2007. Andrey Patrushev, who is 25, graduated from the FSB academy three years ago and currently works as the deputy manager of the ninth "P" (industry) administrative department of the FSB, which is familiarly known as the FSB's oil department. He was recommended for the Rosneft post by the FSB, where his father, Nikolay Patrushev, will be enjoying a pay raise of 180% this year as the head of the service.
The post opens up many shining opportunities for Andrey Patrushev, especially taking into account that his older brother Dmitry works at Vneshtorgbank, where he is in charge of extending credit to oil companies.
The naming of the son of a senior "strongman" in President Putin's cabinet to a post in Rosneft takes place amid a new round of battles in the president's inner circle concerning privatization of the company and the division of stakes in the government's share of Rosneft's assets. In any case, however, most of the government officials and large-scale entrepreneurs polled by Kommersant believe that the government will always retain at least 50%, plus one share, in the company. Some scenarios have private shareholders gaining a larger share in the company, decreasing the government's share to around 75%. This could be followed by the sale of a blocking share in the company to a strategic investor. Some sources believe that this could happen as early as next April and that the strategic investor will be the Chinese state company CNPC. Other sources close to the government believe that privatization will take place during the sale of shares in Yukos.
// FSB Director Installs His Own Son in the Company
Word got out yesterday of the appointment of Andrey Patrushev, son of Russian Federal Security Service (FSB) head Nikolay Patrushev, as an advisor to Rosneft Board of Directors Representative Igor Sechin. The younger Mr. Patrushev comes to the post from the "oil" department of the FSB. The "familial" consolidation of the management of Rosneft is going on amid rumors of the
Deputy Kremlin Chief of Staff Igor Sechin, left, and Russian Federal Security Service director Nikolay Patrushev,right, attend a military parade devoted to the 61st anniversary of Russia's victory in WWII. The event took place on Red Square on May 9, 2006.
The post opens up many shining opportunities for Andrey Patrushev, especially taking into account that his older brother Dmitry works at Vneshtorgbank, where he is in charge of extending credit to oil companies.
The naming of the son of a senior "strongman" in President Putin's cabinet to a post in Rosneft takes place amid a new round of battles in the president's inner circle concerning privatization of the company and the division of stakes in the government's share of Rosneft's assets. In any case, however, most of the government officials and large-scale entrepreneurs polled by Kommersant believe that the government will always retain at least 50%, plus one share, in the company. Some scenarios have private shareholders gaining a larger share in the company, decreasing the government's share to around 75%. This could be followed by the sale of a blocking share in the company to a strategic investor. Some sources believe that this could happen as early as next April and that the strategic investor will be the Chinese state company CNPC. Other sources close to the government believe that privatization will take place during the sale of shares in Yukos.
# posted by Deval : 6:57 AM
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