A Review of the Nigerian Energy Industry

Managers at Russia’s Rosneft buy up its shares

HONG KONG-STOCKS-CLOSE19 March 2014, News Wires – Managers of top Russian crude oil producer Rosneft including its head Igor Sechin have scooped up shares in the Kremlin-controlled company, battered by the Ukraine crisis.

The Russian stock market tanked in early March due to the political spat between Kiev and Moscow. On just one trading day, March 3, its capitalisation sank by $60 billion, while Rosneft lost an estimated $5 billion.

Sechin said on Tuesday he may buy more shares in Rosneft to capitalise on the “market environment” caused by possible sanctions over Ukraine.

Without specifying dates, Rosneft said in a regulatory filing on Wednesday that Sechin had increased his stake in the company to 0.1273 percent from 0.0849 percent.

As many as 15 top Rosneft officials also had raised their holdings in the company. Rosneft shares reached this year’s low of 219.17 roubles on March 14. On Wednesday, they were down 0.6 percent from the previous close as of 1440 GMT, at 231.04 roubles.

– Reuters

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