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Rosneft’s shares up 6.5% on Moscow Exchange amid buyback news

May 02, 14:40 UTC+3 MOSCOW

Rosneft’s shares exceeded the benchmark of 400 rubles for the first time since February 2017

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© Donat Sorokin/TASS

MOSCOW, May 2. /TASS/. Shares of Russia’s oil company Rosneft surged 6.5% to 408.05 rubles per share on the Moscow Exchange on Wednesday morning following the news on plans to undertake a $2bln share buyback program.

Rosneft’s shares exceeded the benchmark of 400 rubles for the first time since February 2017.

On Tuesday evening, Rosneft’s Board of Directors approved additional initiatives concerning its 2022 strategy, including on implementing in 2018-2020 a $2 bln share buyback program.

The company plans to start fulfilling the program in the second quarter of 2018. According to the statement, "the medium-term buyback would be financed through the organic free cash flow generation and divestments of non-core assets.".

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