focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

Sechin says would welcome BP's Dudley to Rosneft board - report

Thu, 31st Jan 2013 11:01

* BP to get two seats in Rosneft's board

* Sechin says Dudley "is not a bad candidate" to the board

MOSCOW, Jan 31 (Reuters) - Rosneft head IgorSechin has given the green light to the possible inclusion of BP CEO Robert Dudley on the board of Russia's top crudeproducer, Interfax news agency reported on Thursday.

If Dudley joins Rosneft's board, it would mark his return tothe Russian corporate world after he fled the country in 2008amid a corporate dispute at BP's Russian joint venture TNK-BP which he once headed.

BP secured two board seats at Rosneft after an agreement tosell its 50 percent stake in TNK-BP to the state-controlledcompany. In exchange, BP will receive $12.3 billion of cash and18.5 percent of Rosneft, raising its holding to 19.75 percent.

Rosneft also agreed to buy the other half of TNK-BP from theAAR consortium of Soviet-born tycoons for $28 billion.

Both deals are expected to close in the first half of 2013.

"Dudley is a not a bad candidate for the Rosneft board. Wewould welcome his inclusion into the company's board," Sechinwas quoted as saying during a visit to Venezuela.

Dudley and Sechin are already working together on an ad hockcommittee which oversees the Rosneft's takeover of TNK-BP,Russia's third-largest oil producer.

Both have been familiar to each other since Dudley's days inTNK-BP and have been closely cooperating after BP missed out ona deal with Rosneft to venture into the Russian Arctic, as aresult of its feud with the AAR tycoons in 2011, when Sechin wasRosneft's chairman and oversaw the Russian energy sector in thegovernment.

With BP as a partner occupying two seats on Rosneft's board,Sechin can also pursue his dream of rivalling global majors onthe world stage.

"We would be glad to see a professional on the board,"Sechin said, according to Interfax.

Related Shares

More News
Today 16:54

LONDON MARKET CLOSE: Europe struggles but record highs in New York

(Alliance News) - Large-cap European equities closed lower on Thursday, underperforming New York counterparts, which continued to push higher followin...

Today 16:53

London close: Stocks mixed as ex-divs drag on FTSE

(Sharecast News) - London stocks ended mixed on Thursday, following a flurry of corporate news and a focus on US unemployment figures.

Today 12:53

Costain says confident of long-term prospects amid contract wins

(Alliance News) - Costain Group PLC on Thursday said trading in the year to date is in line with expectations, underpinned by a number of contract win...

14 May 2024 21:40

Federal regulators sign off Venture Global's repairs at Louisiana plant

HOUSTON, May 14 (Reuters) - U.S. federal regulators said on Tuesday they are satisfied that Venture Global LNG is trying to correct faults at the he...

14 May 2024 18:47

Federal regulators sign off Venture Global's repairs at Louisiana plant

HOUSTON, May 14 (Reuters) - U.S. federal regulators said on Tuesday that they are satisfied Venture Global LNG is trying to correct faults at its he...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.