Saturday, April 01, 2006

American New Rosneft CFO

Russian state oil company Rosneft is recruiting American Peter O'Brien as Chief Financial Officer, RIA Novosti reports. He is currently working with Eastern Europe for the American investment bank Morgan-Stanley, and has had close business contacts with Rosneft over the last years.

Rosneft got a bad reputation due to its role in the Yukos affairs a few years back and has since tried to improve its image. Among measures for greater transparency and market orientation, the company has announced plans to float share on both domestic and international markets. According to Russian Minister of Economic Development and Trade German Gref, this might happen no later than October. As of late, rumours of a merger with Siberian energy company Surgutneftegas have been fuelled also by Energy Minister Minister Viktor Khristenko. It remains to be seen how long O'Brien will hold out in his new position and whether mergers or more stocks to international investors will help Rosneft's reputation.

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