Transneft boss to oversee preparations for Sochi

The President of Transneft, Semyon Vainschtok, will head the company charged with preparing Sochi for the Winter Olympics in 2014. The boss of Russia's oil transport monopoly has been given the job by President Vladimir Putin.

Transneft – a state-owned business founded in 1993 – runs the country's oil pipelines.

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.