02:51 GMT +319 October 2019
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    Two Russian Directors in New Rosneft Board Replaced After Stake Purchase

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    Two Russian directors in Rosneft's new board have been replaced by new shareholders, namely the Qatar state fund and Swiss trading and commodities giant Glencore, after they had bought almost a 20 percent stake in company earlier this year.

    SOCHI (Sputnik) — Rosneft shareholders replaced the Russian energy minister and Gazprombank's top manager in the new board of directors by candidates proposed by a consortium of Swiss trading and commodities giant Glencore and Qatar's state fund, which had bought a 19.5-percent stake in Russian oil giant in a deal closed early this year, results of Rosneft shareholders' voting at the annual meeting showed Thursday.

    Rosneft stand at the 2017 St. Petersburg International Economic Forum
    © Sputnik / Konstantin Chalabov
    Russian Energy Minister Alexander Novak and Gazprombank Chairman of the Management Board Andrey Akimov were replaced by Glencore CEO Ivan Glasenberg and Qatar Foundation President for Research and Development Faisal Alsuwaidi, a Sputnik correspondent reported. The new directors were nominated by QHG Oil Ventures, which represents the interests of Glencore and Qatar Investment Authority (QIA), country's sovereign wealth fund.

    Rosneft shareholders had nominated 11 candidates to nine seats in the board of directors. During the meeting, company's CEO Igor Sechin noted that Novak rejected his place at his own will, in order for Rosneft to comply with Moscow and London stock exchanges' listing rule on the mandatory presence of at least three independent directors on the board of directors.

    "In fact, such a position of Alexander Valentinovich [Novak] is the support of the company," Sechin said, adding the company had proposed to extend the number of board members to 11 people.

    Russian Presidential Aide Andrei Belousov, managing director of Nord Stream 2 AG Matthias Warnig, professor of the Higher School of Economics Oleg Vyugin, Rosneft CEO Igor Sechin and independent director Donald Humphreys — all nominated by the state-owned Rosneftegaz — have been reelected to the board of directors of Rosneft.

    BP CEO Robert Dudley and BP Exploracion de Venezuela SA President Guillermo Quintero, proposed by BP, have also been reelected to the new board.

    State-owned Rosneftegaz is the majority shareholder of Rosneft with some 50 percent of shares, BP has 19.75 percent, a 19.5-percent stake is owned by QHG Oil Ventures Pte. Ltd. (formerly QHG Shares Pte. Ltd) representing Glencore-QIA consortium. One share belongs to the Federal Agency for State Property Management (Rosimushchestvo), the remaining shares are in free float.

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