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By Vladimir Soldatkin
MOSCOW, May 22 (Reuters) - Russian energy giant Rosneft
on Friday re-appointed Chief Executive Igor Sechin, an
ally of President Vladimir Putin, for another five years.
Sechin, who turns 60 in September, turned the company into
one of the world's top oil players and earned the accolade of
oil tsar.
He starts his new five-year term at a critical time as the
coronavirus impact has hammered oil prices and a supply output
pact is limiting Russia's ability to produce the fuel that is
central to its economy.
Sechin rose from being Putin's aide in 1990s to becoming one
of Russia's most influential players after he started overseeing
Rosneft in 2000s.
After becoming Rosneft CEO in 2012, he began a buying spree,
often criticised, but which made Rosneft the world's biggest oil
producer among publicly-traded companies - until late last year
when Saudi Aramco's public share offering handed it the top
spot.
Saudi Arabia's and Russia's rivalry led to a battle for
market share in March that flooded a market already oversupplied
with oil because of the drop in demand related to lockdown
travel restrictions as countries tried to contain the novel
coronavirus.
But Russia and Rosneft, in which international energy major
BP has a 19.75% stake, are complying with a new output
pact with the Organization of the Petroleum Exporting Countries
and other producers in force from May 1.
It has boosted global oil prices that in April hit
their lowest in more than 20 years.
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.
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.
(Reporting by Vladimir Soldatkin; Editing by Katya Golubkova
and Barbara Lewis)
