Journalists say Sechin to remain CEO of ‘Rosneft’ for five more years

The Russian government signed a directive to extend “Rosneft” CEO Igor Sechin’s contract for five more years, Vedomosti reported on May 13. The newspaper cited three sources familiar with the oil company’s leadership, and a federal official.

The Rosneft board of directors is expected to decide on whether or not to renew its agreement with Sechin during a meeting on May 14 or 15, one of Vedomosti’s sources said.

A Rosneft representative refused to comment on the situation. Kremlin spokesman Dmitry Peskov responded to Vedomosti’s request for comment by saying “Wait for the directive.”

Sechin has been head of Rosneft since May 2012, prior to which he was the chairman of the company’s board of directors for several years. Sechin initially signed a three-year contract when he took up the position of CEO, which was extended for five years in May 2015.