Shares of “Rosneft” on Mosberg began the trading session higher by 5% on news of a buyback

MOSCOW, 2 may. /TASS/. Shares of “Rosneft” at auction Moscow stock exchange rose to 402,31 rubles per share, which is 5% above the closing level of the previous trading session, according to data exchange. The growth in the value of shares of the company comes amid reports on the preparations for the buyback of company shares (buyback) for a total of $2 billion.

On Tuesday it became known that the Board of Directors of Rosneft has approved additional initiatives to the strategy of “Rosneft-2022”, among which is the implementation in 2018-2020 of the program to repurchase shares of the company from open market totaling $2 billion.

The company plans to start share buyback in the second quarter of 2018.

Explains that this programme will be implemented in the medium term and financed by free cash flow and selling non-core assets.