Rosneft's New Organizational Structure To Be Confirmed In June

March 29, 2013

A new organizational structure for Russian state oil giant OAO Rosneft , which recently finalized its purchase of joint venture TNK-BP, is expected in June, Rosneft's chief executive Igor Sechin said Thursday, according to Dow Jones.

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 million metric tons a year. Earlier this week, Rosneft said its board of directors had approved a potential loan worth up to around $10 billion from TNK-BP.

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