September 12, 2018 / 8:35 AM / 2 months ago

UPDATE 1-Rosneft CEO: no grounds for share buyback now - Ifax

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MOSCOW, Sept 12 (Reuters) - Igor Sechin, chief executive of Russia’s top oil producer Rosneft, said that current market conditions did not favour 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 programme amounting to up to $2 billion. The programme 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

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