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Share Price: 482.00
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Change: -8.80 (-1.79%)
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UPDATE 1-Russia's Rosneft discloses Sechin's basic salary for first time

Tue, 05th May 2015 14:00

(Adds details on salary, background)

MOSCOW, May 5 (Reuters) - The head of Russia's Rosneft earnsat least 15-20 million roubles ($295,000-$390,000) a month, theoil company said on Tuesday, disclosing Igor Sechin's basicsalary after President Vladimir Putin encouraged greater wagetransparency.

In a document on its website, Rosneft said its topexecutives receive additional payments besides the basic salary,including for working on the management board and dealing withinformation classified as state secret.

Rosneft, the world's top listed oil company by output,declined to disclose total pay for Sechin, who is a close allyof Putin and took charge of the oil company in 2012 after endinga stint as a deputy prime minister.

Last month, Putin called on top executives at Russianstate-controlled companies to disclose their income. The Russianleader has long argued that the state has to offer good packagesto attract the best people to its highest positions.

Rosneft said on Tuesday that Sechin's contract had beenextended for five more years.

Rosneft, which is under Western sanctions due to Moscow'srole in the Ukraine crisis, bought its peer TNK-BP for $55billion in 2013, partly using loans and other financial tools.

It has asked for funds from one of Russia's two rainy-dayfunds, the National Wealth Fund, to help it finance its projectsas financing has all but dried up on global markets.

At the end of last year, Putin supported Sechin againstcriticism that the firm's market capitalisation had dropped toaround $30 billion.

On Tuesday, Rosneft's market capitalisation was 2.72trillion roubles ($53 billion), according to ThomsonReutersdata.($1 = 51.1100 roubles) (Reporting by Katya Golubkova; editing by Elizabeth Piper andRuth Pitchford)

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*

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