Top state oil industry official to manage 2014 Sochi Winter Olympics

The President of Russia’s state-run pipeline company, Transneft, has quit his job to head preparations for the 2014 Sochi Winter Olympics.

Semyon Vainshtock was offered his new role at a meeting with President Vladimir Putin in Moscow.

A new CEO will be announced this Friday.

Mr Vainshtok has been the Head of Transneft for eight years and will step down on Wednesday. He'll then start up and oversee the new state-owned corporation for Olympic development.

After running Russia’s pipeline monopoly for 8 years, Vainshtok felt it was time to make the move, and said he felt he was leaving the company in good shape.

“I can leave Transneft with a light heart, because it is a stable company with a good structure and with both feet on the floor. The finance, technological and production discipline make me sure that the company won’t let oil workers down or of course the whole country,” stated Mr Vainshtok.