Business Watch
Bogdanovich out, despite last week’s protestations of staying
The board of OAO Rosneft on Sunday appointed First Vice-President Eduard Khudainatov, a former Gazprom executive, as the head of Russia's state-controlled oil major as its profits grew 37%. The board took less than a day to approve Russian President Dmitry Medvedev's order to nominate Khudainatov to the post. He starts in his new position Monday replacing Sergei Bogdanchikov who only last week told reporters, "I will certainly not resign, I am a Rosneft shareholder, I am Rosneft president, a member of the board of directors, I feel devotion towards it."
Russia to supply 70% of Chinese refinery's needs
Russian companies will supply about 70 percent of the required oil at market prices for a joint refinery project involving China's CNPC and Russia's Rosneft, China's Energy Minister Zhang Guobao said on Tuesday.
"The issue is resolved following friendly talks," Guobao said after an energy cooperation subcommittee meeting between the two countries.
Rosneft plans to increase production
The Russian oil company Rosneft plans to increase its oil production to 133 million tones a year by 2015, up from 119 million tones now, the company's Vice President Mikhail Stavsky said Saturday, according to Voice of Russia
Easing Economy, Tightening Nerves
Easing Economy, Tightening Nerves
Bonhomie for Dudley, hints of a job for Hayward in Moscow
Bonhomie for Dudley, hints of a job for Hayward in Moscow
By John Bonar
"And now Mr Dudley is back!" Russia's energy czar, Deputy Prime Minister Igor Sechin exclaimed with a laugh when he met
BP Plc's new Chief Executive Robert Dudley and his predecessor Tony Hayward on Wednesday. The trio met in the Moscow headquarters of Rosneft, Russia's top oil producer where Sechin is chairman. Despite the acrid smoke fog blanketing Moscow from peat fires smouldering in the surrounding region the three men appeared in good spirits and joked with each other.
The Return of the Prodigal Oilman
The Return of the Prodigal Oilman
Oil giant Rosneft announces 59% increase in profits
Russia's largest oil producer OAO Rosneft announced an increase of second-quarter net profits last week of 59% on higher oil prices and increased crude output at its Vankor field. London-listed Rosneft said net profit rose to $2.56 billion from $1.61 billion a year earlier.
China Boosts Confidence
China Boosts Confidence
China’s decision to move to a more flexible Yuan policy, effectively a revaluation of the currency, has boosted confidence in the global recovery and helped Asia’s markets to start the new week with across the board gains. The MSCI Asia Pacific Index is up 2.0%. Hong Kong is 2.3% better in mid session and Chinese equities are 0.6% better.