Russia's Rosneft extends share buyback programme to end of 2026

Reuters
·1-min read
Illustration shows natural gas pipeline and Rosneft logo

MOSCOW (Reuters) -Russia's largest oil producer Rosneft said on Monday its board has approved the resumption and extension of its share buyback programme, extending it to Dec. 31, 2026.

The buyback will not exceed 102.6 billion roubles ($1.13 billion), in line with the volume which had not been used up during previous stages of the buyback programme that began six years ago.

Rosneft, headed by Igor Sechin, a long-standing ally of President Vladimir Putin, had initially announced the programme to buy back shares of up to $2 bln from the open market in 2018-2020. It was subsequently extended until Dec. 31, 2023.

The company's shares were up 0.8% as of 1330 GMT.

"Extension of the programme for repurchasing its own securities demonstrates the board's confidence in company's fundamentals and development prospects. As for the acquired securities, the board will decide on them upon the programme's completion," Rosneft said in a regulatory filing.

(Reporting by Vladimir Soldatkin; Editing by Alison Williams and Peter Graff)

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