Rosneft Rings Management Changes

Russian state-owned oil firm Rosneft announced late Monday that it has made a series of appointments designed "to enhance the efficiency of the company's management structure".

Svetlana Ray will take charge of Rosneft's supply and purchasing service. The purchase department and the material and equipment department are being restructured, which will see three new departments being formed: works and service purchase; inventory control, planning and automation; and supply efficiency.

Rosneft's economics and planning functions are being centralized and being put under the control of Vice President for Economics and Finance Svyatsoslav Slavinsky. Natalia Mincheva has been appointed to the post of vice president for legal support, replacing Igor Maidannik, while Valery Nikitin takes over the company's IT operations from Anton Strokovich.

The firm also announced that Rosneft's retail business has been turned into a separate legal entity, RN-Regional-Sales, which will report to the company's vice president for retail business and domestic market development, Avril Conroy.

Rosneft Chairman Igor Sechin commented in a company statement:

"Taking into account the extent of the company's development, we are constantly looking forward to advance the management system in order to enhance production efficiency, transparency and openness of the company's business as well as getting the maximal revenues for the shareholders of Rosneft."



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Brent Crude Oil : $55.49/BBL 2.45%
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