August 6, 2018 / 7:21 AM / 2 years ago

Russia's Rosneft says approves share buyback programme

MOSCOW, Aug 6 (Reuters) - Russian oil giant Rosneft said on Monday its board of directors had approved the structure and parameters of a share buyback programme amounting up to $2 billion.

The programme will run until the end of 2020, the company said, adding it reserves the right to cancel it if necessary. The maximum amount of shares and depositary receipts to be repurchased will not exceed 340 million shares, it said.

The company announced a series of measures on May 1 to improve shareholder returns, such as the $2 billion share buyback and plans to cut total debt and trading liabilities by a minimum of 500 billion roubles ($8 billion). (Reporting by Olesya Astakhova, Writing by Tom Balmforth; editing by Emelia Sithole-Matarise)

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