Bloomberg News

Rosneft Rises Most in 2 Weeks as Medvedev Names Sechin Chief

May 22, 2012

OAO Rosneft rose the most in almost two weeks after Russian Prime Minister Dmitry Medvedev said he ordered Rosneft’s board to appoint Igor Sechin as chief executive officer.

Rosneft jumped 1.7 percent to 198.34 rubles by the close in Moscow, the biggest gain since May 11. The 30-stock Micex Index rose 0.2 percent to 1,301.09. Rosneft has the fourth-largest weighting on the index at 7 percent.

Rosneft will boost output and payments to the budget and make its offshore projects a priority, Sechin said.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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