Shareholders in Russian state-controlled oil giant OAO Rosneft
voted Friday to return Chief Executive Igor Sechin to the company's
board, cementing his control over a company set to become the world's
largest publicly-traded oil producer after its takeover of competitor
TNK-BP.
Mr. Sechin, the driving force behind Rosneft's $55-billion
acquisition of TNK-BP from BP PLC (BP) and its partners, was forced to
step down as Rosneft chairman in 2011 when he was deputy prime minister,
after then-President Dmitry Medvedev ordered government officials off
the boards of state firms.
But President Vladimir Putin returned Mr. Sechin, a longtime
ally, to the helm of he company after he replaced Mr. Medvedev for a
third term in May.
At an extraordinary general meeting in Khabarovsk in Russia's far east Friday, shareholders voted for Mr. Sechin to return to the board.
Shareholders also approved an increase in its 2011 dividend to
25% of Rosneft's net profit. Rosneft will pay out an additional 4.08
Russian rubles ($0.13) per share, bringing the dividend for 2011 to 7.53
rubles per share.
Rosneft paid 10% of net profit for 2010 dividends.
The increase in dividends was ordered by Mr. Putin in June,
and Rosneft said the move will bring its dividend payments closer to
global peers and make its shares more attractive.
Mr. Sechin has said the company will maintain its dividends at
25% of net profit following the TNK-BP takeover, slated to close in the
first half of next year.