Rosneft makeover 'on the way'
Chief executive Igor Sechin has outlined bold reforms for Russia's largest oil company, but will they be put into practice?
Institutional investors have yet to be swayed by Rosneft's promise to rein in its mergers and acquisition activity, improve its chequered corporate governance and buy back $2bn of its own stock. The oil producer, which accounts for 40% of Russia's output, said in early May it intends to shrink capital expenditure by 20%, to 800bn roubles ($12.6bn), and boost its working capital by 200bn roubles by the end of the year. The company announced the targets as "additional initiatives" for its Rosneft-2022 corporate strategy, originally approved in December 2017. The company said it would also soon start the planned buyback of its underperforming stock in an effort to "enhance shareholder returns".
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
