Rosneft Modernizes Facilities at Archinsk Refinery; Sechin Increases Shareholding

Russia’s Rosneft keeps up its momentum, working on significant expansion and modernization projects. At the same time, Rosneft President Igor Sechin is increasing his stake in Charter Capital.

‘As part of the Achinsk Refinery modernization, Rosneft is carrying out a unique operation to transport hydrocracking units to the refinery’s site. In terms of complexity, this operation will be the world record in the longest-distance transportation of the most oversized cargo,’ reads a note released on Wednesday, adding that the unites were transported over a distance of about 12,000 kilometers from the port of Mantova (Italy) to the Achinsk Refinery.

Rosneft is constructing and renovating almost 60 facilities at the Archinsk Refinery, the only major refinery in the Krasnoyarsk territory acquired by the company in May 2007.    

On Thursday, Rosneft released another press release, announcing that Sechin increased his shareholding in the Company from 0.0075% to 0.0849%, with a partial bank loan coverage.

“The first program was implemented in accordance with the ruling of the Board of Directors, which recommended that top managers should spend their annual bonuses to acquire shares of the Company,” commented Sechin. 

Earlier this month, Sechin and members of the Management Board have increased their interest in Rosneft’s Charter Capital, in a move highlighting convincing growth of the company both in terms of operations and power.

In that occasion, Sechin increased his holding from 0% to 0.0075%. Larisa Kalanda, member of the Management Board, Vice President of Rosneft, increased her holding from 0.0118% to 0.0168%. The other members increased their holding in a range of 0.00001% (Andrey Votinov) to 0.0016% (Peter Lazarev).