LUKOIL announces start of buy-back programme
Moscow. PJSC "LUKOIL" (the "Company") announces the start of an open market repurchase of the Company's shares and the corresponding depositary receipts for an aggregate amount of up to USD 3 billion (hereinafter the "Buy-back Programme" or the "Programme").
The Buy-back Programme is launched as a part of the delivery on the strategic initiatives supported by the Board of Directors of the Company in December 2017. The purpose of the Programme is to reduce the capital of the Company.
The duration of the Programme is from September 3, 2018 to December 30, 2022. Purchases pursuant to the Programme will be made by LUKOIL Securities Limited, a wholly owned subsidiary of the Company, on the regulated trading venues in compliance with all applicable laws and regulations. Purchases will be executed by qualified international brokers.
"We are pleased to announce the start of the USD 3 billion buy-back programme backed by our strong business fundamentals. This is an important step which evidences our commitment to the delivery on our strategic plans, including the capital distribution policy," said Vagit Alekperov, CEO and President of PJSC "LUKOIL".