Rosneft reappoints Sechin as CEO

Russian energy giant Rosneft re-appointed Chief Executive Igor Sechin for another five years.

Sechin has been at the helm of Rosneft since 2012. His existing five-year contract expires this month. 

Rosneft, with production last year of 4.7 million barrels of oil per day, accounts for more than 40% of Russia’s total oil output, Reuters reported.

It incurred losses of some $2 billion in the first quarter and said last week its annual output would decline by 10% this year as part of Russia’s quota under the new output deal.