September 12, 2018 / 8:56 AM / 4 months ago

Rosneft CEO: no grounds for share buyback now - Ifax

An employee wears a helmet with the logo of Rosneft at the Achinsk refinery, which was acquired by Rosneft company in 2007 and currently processes West Siberian crude delivered via the Transneft pipeline system, in Krasnoyarsk Region, Russia July 23, 2018. REUTERS/Ilya Naymushin

MOSCOW (Reuters) - Igor Sechin, chief executive of Russia’s top oil producer Rosneft, said that current market conditions did not favor a share buyback, Russian news agencies quoted him as saying on Wednesday.

“It (a buyback) will depend on fluctuations in the share price. For now I don’t see any forecasts for such fluctuations which would allow (us) to begin,” Interfax quoted Sechin as saying.

Last month, Rosneft’s board of directors had approved the structure and outline of a share buyback program amounting to up to $2 billion. The program will run until the end of 2020 and Rosneft may cancel some of the shares if necessary.

Reporting by Katya Golubkova, editing by Louise Heavens

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