Sistema Gets New chief, Strategic Shift

摘要

Russia's AFK Sistema is undergoing major strategic changes that will have an impact on its energy-focused business unit, which includes producers Bashneft and Russneft, which account for 298,000 barrels per day and 262,000 b/d, respectively. Sistema, which owns nearly 75% of Bash-neft and 49% of Russneft, approved a strategy last year to switch from operating as a holding company to operating as an investment company. As a first step, Sistema's board on Saturday approved the appointment of Mikhail Shamolin as the company's new president and CEO. Leonid Melamed, who has headed Sistema since 2008, will remain as a member of the board and chairman of Russneft.