Kremlin proposes new president for Rosneft

Moscow : The Kremlin says President Dmitry Medvedev has proposed replacing the president of Russia's largest oil company, state-controlled Rosneft.

This follows months of speculation that Sergei Bogdanchikov, the company's president since 1998, was on his way out.

The man chosen to replace him, Eduard Khudoinatov, has been Rosneft's vice president for the past two years.

Bogdanchikov is said to have clashed with Igor Sechin, Russia's powerful first deputy prime minister who chairs Rosneft's board.

The Kremlin said Medvedev met on Saturday with Khudoinatov, and afterward ordered the government to put his name forward for Rosneft president.

Rosneft became Russia's largest oil company after taking over fields once held by imprisoned oil tycoon Mikhail Khodorkovsky's Yukos.