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Saturday, July 07, 2007

Igor Sechin re-elected Rosneft board chairman

MOSCOW, June 30 (RIA Novosti) - Igor Sechin, a deputy head of the presidential administration, has been re-elected as Rosneft board chairman, the chief executive of the Russian state-controlled oil company said Saturday. The decision was approved at an annual shareholders' meeting. Owners of as much as 96.45% of the company's shares registered to vote on decisions. "Igor Sechin has been elected as chairman of the board of directors," Sergei Bogdanchikov told a news conference following the meeting. The shareholders also re-approved the other members of the board of directors. Yukos bankruptcy receiver Eduard Rebgun and his aide Sergei Tregub, forwarded by the oil company, were voted down. An auditing commission was elected as well. The shareholders decided to pay over 14 billion rubles ($538 million) in 2006 dividends, which is 6.7% higher than in 2005. The sum will represent over 15% of the company's U.S. GAAP net profit in 2006. The meeting approved Rosneft's annual performance report and accounting statements. The company's net profit was 213.2 billion rubles ($8.2 billion) in 2006, of which 199.12 billion ($7.7 billion) will be earmarked for investment, production and social development. The shareholders also determined the remuneration to be paid to the company's three independent directors. VTB Bank Chairman Andrei Kostin and Hans-Joerg Rudloff, chairman of Barclays Capital, will be paid $200,000 each. Alexander Nekipelov, vice president of the Russian Academy of Sciences, will receive $185,000.

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