Sechin offered to make chief Executive Director of “Rosneft”

The President Of “Rosneft” Igor Sechin

The position of President of “Rosneft” Igor Sechin will be renamed to the chief Executive officer of the company. This solution is an idea, bro to pay to the shareholders of “Rosneft” in the articles of Association at the annual meeting. This is stated in the document published on the website of “Rosneft”.

In addition, the shareholders proposed to transform open joint-stock company (OAO) “NK “Rosneft” in a Public company.

According to the report of “Rosneft”, published in March of this year, net profit of “Rosneft” in terms of dollars at the end of 2015 amounted to $6.1 billion, or 34.4% less than it was a year earlier.

Dollar revenue of Rosneft from the sale of oil, gas and petroleum products declined for the year by 40.8% from $146.7 billion to $86.9 billion This sharp decline was due to a fall in world oil prices — in 2014, the average price of a barrel of Russian Urals oil was $97,6, and in 2015 it dropped to $51,4, which is about 47.3%.

Despite the fall in oil prices, ruble profit “Rosneft” in 2015, due to the devaluation of the national currency, increased by 2% and amounted to 355 billion rubles.

The company’s net debt over the past year has decreased in dollar terms by 47% to $23.2 billion In “Rosneft” explained that the debt reduction was due to the repayment of a substantial part of short-term debt by generating cash from operations and obtain funds under long-term contracts for the supply of oil”.