Russia’s Oil Champion Shunned as Putin Weighs Share Sale: Energy
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Russia’s global oil champion has yet to win over investors.
OAO Rosneft Chief Executive Officer Igor Sechin addressed shareholders today for the first time since his $55 billion acquisition of TNK-BP created the world’s largest publicly traded crude producer. The shares are down 18 percent this year, under-performing Moscow’s benchmark index as well as competitors OAO Lukoil and OAO Surgutneftegas and wiping about $22 billion from the value of the company.