Rosneft's new organizational structure to be confirmed in June

4/1/2013

Rosneft's new organizational structure to be confirmed in June

BY LUKAS I. ALPERT

MOSCOW -- A new organizational structure for Rosneft, which recently finalized its purchase of joint venture TNK-BP, is expected in June, Rosneft's CEO Igor Sechin said.

He said key decisions about the new organization had already been made but that revisions would be "confirmed at the general meeting in June" according to Russian news agencies. Mr. Sechin also said that it would be preferable to deliver oil via a pipeline to China rather than by rail.

"With the availability of pipeline transport, the railway option is not being seriously considered" he was quoted as saying.

Last week, Rosneft signed a deal to double oil supplies to China to 31 MMtpa. Earlier this week, Rosneft said its board of directors had approved a potential loan worth up to around $10 billion from TNK-BP.

Dow Jones Newswires

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