17 August, Thursday


Russia nominates Gerhard Schroeder for Rosneft board

Society

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The Russian government has nominated former German Chancellor Gerhard Schroeder, a close friend of President Vladimir Putin, to join the board of Rosneft, the energy giant under Western sanctions.
 
Schroeder was among seven nominees in a decree signed by Prime Minister Dmitri Medvedev published on the Russian government's website late Friday. The names will go to a shareholders' vote in late September in a move to increase Rosneft's board from nine to 11.
 
Schroeder was nominated as a non-executive director of Rosneft, a company born out of Yukos, a state entity that later came under the control of government opponent Mikhail Khodorkovsky.
 
Rosneft has been dogged by a string of legal claims from New York to Paris and Amsterdam since snaffling up Yukos after it was dismantled following Khodorkovsky's high-profile arrest in 2003 and jailing.
 
Friday's decree also named Rosneft director general Igor Sechin, a close ally of Putin, Kremlin official Andrei Belousov and Energy Minister Alexander Novak as the state's representatives on the board.
 
Rosneft, Russia's biggest oil producer, is 50 percent state-owned.
 
Schroeder, a Social Democrat who was German chancellor from 1998 to 2005, celebrated his 70th birthday in a palace in St Petersburg during the crisis over Ukraine. He has publicly opposed sanctions placed on Rosneft because of Russia's interference in Ukraine.
 
While chancellor, Scroeder championed a Nord Stream pipeline agreement with Russia, which was signed during his last days in office.
 
Having since built a business career in Russia he heads up a shareholders' committee at Nord Stream, which supplies gas to Germany via the Baltic Sea.

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