Sberbank CIB [multinational investment banking and asset management firm headquartered in Moscow] put together an investment research report of Rosneft activities, which heavily criticized the Rosneft CEO Igor Sechin, according to RBK.
The report is dedicated to analyzing Russian oil and gas industry. It was forwarded to a number of Sberbank CIB clients. The report mentions that “Rosneft’s organic growth will be too slow to satisfy its CEO’s ambitions.” In particular the report focuses on CEO Igor Sechin in a segment titled “We need to talk about Igor”, in which he is criticized of spending $22 billion “on acquisitions… with no clear focus.” This money was spent after Rosneft had consolidated TNK-BP back in 2013, when, as the report states, “investors assumed the company would step back, deleverage and digest the new business – especially once the oil price collapsed in late 2014 and the company came under US and European sanctions.”
Rosneft called the contents of the report a “developing delusion”.
Rosneft spokesman Mikhail Leontyev said: “Sberbank CIB analysts traditionally pay unexplainable and manic amount of attention to our company, which is easily observable. Unfortunately delusions tend to develop. In this particular case the analysts have crossed the line by getting personal and geopolitical, which is beyond their authority. It seems like the authors of the report are in pathological condition. It would be nice if the governing body of the bank offered them some help.”
According to Vedomosti, Sberbank CIB has since removed the critical remarks from the new edition of the report. The first edition was sent on October 19. The report was then annulled, and a new edition was sent on October 3. Sberbank CIB stated that the first edition was annulled because of violations of “analytical quality standards” in the text.