Hamad Rashid Mohannadi has been nominated by the Qatar Investment Authority (QIA) to replace Glencore CEO Ivan Glasenberg on the board of directors of Rosneft, the Russian energy giant's press service said on Thursday, adding that the increase in Qatari representation in the company would boost Russian-Qatari cooperation
MOSCOW (Pakistan Point News / Sputnik - 07th March, 2019) Hamad Rashid Mohannadi has been nominated by the Qatar Investment Authority (QIA) to replace Glencore CEO Ivan Glasenberg on the board of directors of Rosneft, the Russian energy giant's press service said on Thursday, adding that the increase in Qatari representation in the company would boost Russian-Qatari cooperation."The QIA has nominated Hamad Rashid Mohannadi to the Rosneft board of directors. He will become the second representative of the fund in the observatory body of the oil company, succeeding Glencore CEO Ivan Glasenberg ... The increase in the number of the Qatari fund's representatives on Rosneft board of directors will contribute to the efficient implementation of joint projects both in oil and gas, and in related sectors," a representative of the press service said.
Rosneft said that changes in the composition of its board of directors were needed to reduce the Glencore's share in the company and promote QIA's direct share ownership.
The Glencore-QIA consortium purchased a 19.5 percent stake in Rosneft in 2016 as part of a privatization deal. In September, Glencore completed its sale of a 14.16 percent stake in Russia's Rosneft to the QIA. As a result, its percentage in the shareholder structure of Rosneft dropped to 0.57 percent, and QIA's share surged to 18.93 percent. Under the Rosneft charter only representatives of companies that have at least 2 percent in the shareholder structure can be elected to the board of directors.
Hamad Rashid Mohannadi is a member of the board of trustees at the Al Attiyah International Foundation for Energy and Sustainable Development. He has over 30 years of experience in working in the oil and gas industry, including at state-owned Qatar Petroleum and its joint enterprises.
