MOSCOW, August 29 (RIA Novosti) – Less than a week after taking his first slice of Russia's top oil producer, Rosneft, CEO Igor Sechin increased his share to 0.0849 percent, the company said Thursday.
“Part of the shares acquired were covered by a bank loan,” Rosneft said in a statement.
Sechin bought about 8.2 million of the company’s shares on Wednesday, worth an estimated 1.59 billion rubles ($60 million) at the time. A day before, he mentioned the possibility of further increasing his shareholding in the company.
Rosneft said that its management’s participation in a program to acquire shares in the company is “in line with best international practices.”
Rosneft said last Friday that Sechin, 52, had invested his pay bonus to buy some 794,863 shares (0.0075 percent), worth an estimated 186 million rubles ($5.56 million). That was reportedly the first time he bought shares in the company since becoming its head in 2004.