Rosneft’s board of directors approves changes to the terms of the share buyback program
Moscow. Board of Directors of the Rosneft Oil Company decided to change the terms of the open market share buyback program also covering depositary receipts (the «Program»).
The Program was approved by the Board of Directors of the Rosneft Oil Company in August 2018. Amid high volatility in the oil markets the decision was taken to simplify the necessary procedures and lift certain limitations. The amendments are aimed at bringing the terms of the Program in line with the current market environment and do not affect the key parameters previously approved by the Company’s Board of Directors such as timeline and volumes of the Program.
Share purchases on the open market during the sharp price decline provide an attractive opportunity to enhance the shareholder value of the Rosneft Oil Company. Information on the transactions executed as part of the Program will be published on a weekly basis.