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Rosneft buys its shares on market taking advantage of price fall

March 19, 2014, 14:08 UTC+3 TOKYO
CEO Igor Sechin declined to specify the number of shares Rosneft had bought
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Rosneft logo

Rosneft logo

© ITAR-TASS/Marina Lystseva

TOKYO, March 19. /ITAR-TASS/. Russia’s oil giant Rosneft had bought its share on the market, Rosneft CEO Igor Sechin told reporters in Japan, noting that “businessmen should try to take certain advantage of every situation.”

“As a result of market volatility, linked with the situation in Ukraine, the price of Rosneft shares fell,” he said. “We bought these shares at once and hope that it’s a very good investment — we invite our Japanese partners to do the same.” Continuing the Ukrainian theme, Sechin stressed that his company “is looking at the situation rather calmly, as it cannot last long.”

Sechin declined to specify the number of shares Rosneft had bought.

According to previous Itar-Tass reports, Rosneft President Igor Sechin had stated that he could additionally purchase shares of the company in connection with the current market situation in light of possible introduction of international sanctions against him.

“Speaking about my personal plans in this connection (possible sanctions), it is necessary to focus on the company’s work. And certainly, to take advantage of the current market situation - to additionally purchase the company shares. As always — using personal and borrowed funds from Russian accounts, since I have no other. A saying in a well-known film goes: “one who gets in our way will help us”. “Thank you very much,” Sechin said, answering a question about possible introduction of personal sanctions against him by the Western community.

In August 2013, Sechin had for the first bought shares of Rosneft worth $5.564 million, becoming the owner of a 0.0075% share package. The package of Rosneft shares purchased by Sechin increased the company’s capitalization by $212 million. At the end of the same month, he increased the share in the shareholder’s capital of Rosneft from 0.0075% to 0.0849%. The price of the purchased package was estimated at $58.8 billion (based on the quotation of $7.17 per share).

In addition, then, another six top managers of Rosneft purchased stakes in the company. Vice President, member of the company board Larisa Kalanda spent $3.7 million on increasing her share in Rosneft, and her package increased from 0.0118% to 0.0168%. Vice President Yuri Kalinin bought 0.0001% of Rosneft shares for $75,000. Board member Didier Casimiro paid much more, purchasing 0.0011% of shares for $816,000. Member of the board Pyotr Lazarev increased his stake by 0.0016% to 0.0027% worth $1.18 million. And member of the company’s board Igor Pavlov, although he had increased his stock from 0.000003% to 0.0010%, spent just about $741,800.

In December 2013, Sechin stated that he did not plan to increase his equity participation in the company yet. “I have fulfilled my personal complex plan and will not increase the shareholding so far,” he said, adding that he positively assessed his status as Rosneft shareholder.

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