May 30, 2012 / 2:32 PM / 5 years ago

UPDATE 1-Rosneft to spend $2 bln on share buyback-sources

(Adds company no comment)

MOSCOW, May 30 (Reuters) - State-controlled Russian oil firm Rosneft will spend up to $2 billion to buy back shares from minority investors who did not support revisions to a major Chinese oil export deal, sources close to the company said on Wednesday.

Under the buyback, which was approved at a board meeting, minority shareholders who did not support the deal have the right to tender their shares at 212 roubles apiece.

The sources estimated the cost of the buyback at 65-70 billion roubles ($2.0-$2.2 billion). T he share repurchase is a technical requirement of Russian law and not discretionary, the sources said.

Rosneft shares rose by 1.3 percent to trade at 202.46 roubles, m aking them the strongest blue-chip in a weaker market that saw the MICEX index fall by 1.4 percent.

A Rosneft spokesman declined to comment. ($1 = 32.1747 Russian roubles) (Reporting by Vladimir Soldatkin and Melissa Akin, Writing by Douglas Busvine; Editing by John Bowker)

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