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