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.
"I have just signed an order for Rosneft's board of directors to appoint you as head of the executive branch in the company," Medvedev said.
Sechin was in charge of Russia's fuel and energy sector in the previous government.
Rosneft's shares rose three percent by 16:50 Moscow time on Tuesday in reaction to the news, among the biggest gainers on the Russian stock market in the current trading session.
Rosneft’s current president and board chairman, Eduard Khudainatov, will become the company’s first vice president after it is headed by Sechin, an industry source said.