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. Last Updated: 07/27/2016

Transneft Chooses Temporary Head

Transneft vice president Yury Lisin has been promoted to acting head of the oil pipeline monopoly, Interfax reported Thursday.

Lisin will take over from Semyon Vainshtok, who officially stepped down as chief of Transneft on Thursday, two days after giving President Vladimir Putin his resignation.

Vainshtok, who led Transneft for eight years, will now spearhead the country's efforts to prepare for the 2014 Winter Olympics in Sochi.

Zarubezhneft head Nikolai Tokarev, Gazprom deputy CEO Valery Golubev and acting Industry and Energy Minister Viktor Khristenko have been suggested as possible replacements.

Lisin has worked at Transneft since 1994, before Vainshtok joined the company, and was named a vice president in January 1997, Interfax said.