Russian President Dmitri Medvedev had ordered the cabinet to nominate Eduard Khudaynatov for President of Rosneft, the Russian information agency RIA Novosti reports, citing a Kremlin spokesperson.

The spokesman informed Mevdev met with Khudaynatov Saturday. Khudaynatov, 50, and currently the company's First Deputy President is to succeed current CEO Sergey Bogdanchikov, who has headed the company since 1998.

Bogdanchikov's contract expired in June and, according to media report, he has submitted his resignation. He headed Rosneft through the initial public offering and the assets acquisition of the bankrupted oil company Yukos

A Rosneft spokesman declined to confirm the nomination and reported Bogdanchikov was on a business trip.

Unnamed sources have said Bogdanchikov lost the trust of the Deputy Prime Minister of Russia and President of the Rosneft Board of Directors, Igor Sechin. On Friday the CEO declined commenting on the rumors he is resigning.

Rosneft is Russia's largest oil producer with the Russian State as a majority shareholder. The company is one of the partners in the controversial Bulgarian-Russian-Greek project for the Burgas-Alexandroupolis oil pipeline.

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