OREANDA-NEWS. September 12, 2007. Transneft President Semyon Vainshtok will step down as the chief executive of the state pipeline company and become the head of a state corporation for preparations for the 2014 Olympics.

Russian President Vladimir Putin addressed the Transneft CEO with this proposal on Tuesday, and Vainshtok accepted it. Putin congratulated and thanked the pipeline giant chief for the tremendous work and the many sizeable and important projects he had accomplished for the company and the country as a whole during his eight years as head of Transneft. The Russian leader noted that as Vainshtok's contract was about to expire on September 13, 2007, he was proposing the new role for him.

As Transneft Vice President Sergei Grigoryev said, the company is not aware of any potential candidates for the position of Transneft President.