Rosneft Chief Executive Officer Igor Sechin ramped up his stake in Russia's top oil company to USD 65 million. Sechin increased his holdings just a week after he invested his annual bonus to buy 0.0075% of the company's stock. Because of his latest purchase, Sechin's holdings in the state-controlled oil firm has now risen to 0.0849%.
In a statement, Sechin said, "The board of directors (has) recommended that top managers should spend their annual bonuses to acquire shares of the company. I think this programme can be extended through both personal funds and borrowings."
Declaring substantial financial interests seemed uncommon for officials of state-controlled firms under Russia's current president. Reuters reported that Sechin's filing was an indication of his wide influence.
Sechin took the helm of Rosneft as Chairman in 2004. He has since made the company grow to the largest oil firm in the world in terms of output. Since news broke that he had acquired company shares, Rosneft's value had jumped by almost 7%. The Russian oil major now has a market value of USD 76.9 billion.
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