Russia's pipeline monopoly Transneft gets new president

Nikolay Tokarev has been named as the new president of Russia's pipeline monopoly. It's a return to familiar ground for Tokarev, who was vice-president of Transneft during the 1990s.

Tokarev takes up the position after seven years in charge of Zarubezhneft – a state owned oil company focusing on Russia's energy interests abroad.

Transneft's shares jumped nearly 2% after the news was announced.

The former head of Transneft, Semyon Vainshtock, left the company to head the state Olympic Corp, set up to manage the 2014 Sochi Winter Olympics.