24.08 Rosneft CEO Sechin Buys $5.5 Mln Worth of Company Stock
MOSCOW, August 24 (RIA Novosti) The head of Russia's top oil producer Rosneft, Igor Sechin, has bought 0.0075 percent of the companys stock for the first time since becoming Rosneft chairman in 2004, the state-controlled oil major said in a statement.
Rosneft said Friday that Sechin, 52, had invested his pay bonus to buy some 794,863 shares worth an estimated 186 million rubles ($5.56 million).
According to the statement, personal investments in Rosneft stock by the companys executives are part of the companys corporate culture reflecting their confidence in the growth and performance of the company.
Under Sechins leadership, Rosneft has become the worlds largest publicly traded oil producer with its acquisition of Russias third-largest oil firm TNK-BP. The company now has a market value of $73.2 billion.
In July, Rosneft reported an IFRS net profit of 137 billion rubles ($4 billion) in January-June 2013, up 18 percent from the same period last year. Its revenues rose 34 percent to 1.988 trillion rubles ($61 billion) during the same period.
