Arms-Length Transaction

Come now, admit it:  you were concerned that Igor Ivanovich Sechin would be left out of the newly-formed Russian government because he and Prime Minister Dmitry Medvedev don’t like each other.  Well, you needn’t have worried:

Igor Sechin has been appointed as chief executive officer of Russia’s largest oil company, Rosneft, following an order from Prime Minister Dmitry Medvedev on Tuesday.  Rosneft’s current president and board chairman, Eduard Khudainatov, will become the company’s first vice president after  Sechin [takes office], an industry source said.
“This company is major and a very important supplier of energy resources, which has made a great leap forward for the last few years without your participation,” the premier said.

The feeling is mutual …

Can you tell that Medvedev’s not a fan of Sechin?  However, in today’s tough job market, sometimes a glowing recommendation from just the right person can tip the scales in your favor.

“Igor Ivanovich Sechin cannot but have a role [in government policy-making],” President Putin’s spokesman Dmitry Peskov told journalists on Tuesday when asked to comment on Sechin’s non-inclusion in Russia’s new government and presidential administration.

After all, when you’re in the energy business, you can have more influence on government policy than any mere minister.

“I will seek to focus the company on maintaining and building up oil output,” Sechin told Medvedev. “The domestic market should be provided with maximum supplies of oil products at stable prices.”
[Sechin noted] that Rosneft is one of the nation’s largest taxpayers. In the previous year the company [contributed] 1.5 trillion roubles to Russia’s budget. “This is the trend that we will develop and we will increase budget revenues,” Sechin pledged.


Lunghu’s translation:  “Don’t worry about how much I steal from Rosneft as long as there’s enough left over to pay taxes. Remember where your bread is buttered.

And, one might add, “Remember for whom we’re stealing.



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