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. Last Updated: 07/27/2016

Transneft Denies CEO is Resigning

Transneft denied Tuesday that its chief, Semyon Vainshtok, had tendered his resignation amid market rumors that the long-serving oil pipeline chief will retire in October.

"I can firmly deny he has offered to resign. Those rumors have persisted throughout his eight years as Transneft's president," Transneft vice president Sergei Grigoryev said.

Vainshtok turns 60 -- the normal retirement age for state officials in Russia -- on Oct. 5.

Two sources familiar with the matter said Tuesday that Vainshtok had held a farewell party and told employees of Transneft that he expected to step down soon.

"The feeling is very strong that it is definitive now, but with Vainshtok you never know as people have buried him so many times in the past years," one source said.

Grigoryev denied that Vainshtok had such a party. He also said Vainshtok's current contract would expire Sept. 13.

"We will see what happens on Sept. 13," he said.