Moscow, April, 22 2016. As a step towards further efficiency enhancement Rosneft announces the optimization of the structure of the central administrative office.
The new central administrative office management formula is based on best international practices, reflecting current industry fundamentals and increases management efficiency by consolidating subdivisions’ functions, expanding personal responsibility and reducing of personnel of via the abolition of duplicating subdivisions. This will lead to a further increase of economic efficiency and return on capital for Company shareholders. Among other things, consolidated corporate analysis centers will be created and enhanced – Investment Analysis Department, Business Development Department, and Department of Strategic Planning (which will oversee long-term planning of the Company). Within the optimization process audit functions of the Company will be enhanced, the IT sector will be integrated with the financial and economic bloc of the Company, which will allow boosting the efficiency of informational systems operated by the Company with a focus on the transparency and business delivery growth. Moreover the optimization will lead to the unification of the research and technology bloc (including the Research and Development Center) with the localization and technology bloc, the supply and provision service will also be remodeled.
Pavel Fedorov was assigned to the created official capacity of the First Vice-president for economics and finance. In 2012-2013 he oversaw the oil and gas industry of the Russian Federation within his post of Deputy Minister of Energy of the country. In 2011-2012 he was Rosneft First Vice-president. Pavel Fedorov has extensive capabilities on the international financial organizations. In 2013-2016 he was the First Vice-president – Executive Director of Norilsk Nikel.
Pavel Fedorov will oversee the Company’s financial and economical bloc, First Vice President Eric Liron oversees production bloc.
Svyatoslav Slavinskiy, who held the post of Vice President for Economics and Finance, is leaving the Company upon completion of the contract.
Commenting on the personnel changes and new appointments at the Company Igor Sechin said: “Within unstable market conditions Rosneft proceeds looking for new sources of increase of the Company’s capitalization, boosting the efficiency of the investment program and its operations. This will inevitably relate to the operations of the central administrative office – we have set a goal to cut its staff size by 20% relative to the level of 01.01.2016.
Referring to changes in personnel I would like to notice that Pavel Fedorov possesses extensive knowledge of the industry and of the tasks Rosneft is facing today, he has also a vast and successful experience in the Ministry of energy, banking and financial structures, which will be highly valued in our business.
I would like to especially thank the colleagues who performed their duties at the highest level on important business dimensions – Svyatoslav Slaviskiy and Vladimir Milovidov”.
Rosneft Information Division
Tel.: + 7 (499) 517-88-97
April 22, 2016