Rosneft Extends Contract for Igor Sechin: Vedomosti

The Russian government has extended a contract for Igor Sechin, a close ally of President Vladimir Putin, to stay as the chief executive officer of giant oil producer Rosneft for five more years, Vedomosti daily reported on Wednesday, Reuters reported.

The daily, citing three people familiar with the situation, said the government signed the order to extend Sechin’s contract a few days ago.

It said that a “federal official” has confirmed that the decision was approved by the government.

Sechin, known for his criticism of the Organization of the Petroleum Exporting Countries (OPEC), has been the CEO of the company since 2012. His current 5-year contract is expiring this month. Rosneft declined immediate comment.

The newspaper said the board of Rosneft, which is 19.75%-owned by BP, is due to convene on Thursday or Friday to approve the decision.

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