May 1, 2018 / 4:37 PM / 7 months ago

Russia's Rosneft sets $7.9 bln debt reduction target for this year

MOSCOW, May 1 (Reuters) - Russia’s largest oil producer Rosneft said on Tuesday its board had proposed reducing the company’s total debt and trading liabilities by a minimum target of 500 billion roubles ($7.89 billion) this year.

The company, which said in a statement that it would reduce debt partly by selling some non-core assets, has also proposed a $2 billion share buy-back programme in 2018-2020 through open market repurchases. ($1 = 63.3556 roubles) (Reporting by Olesya Astakhova Writing by Gabrielle Tétrault-Farber Editing by Adrian Croft)

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