Executive says government opposes Transneft’s buyback program

MOSCOW, Dec 3 (PRIME) -- The Russian government did not support a buyback of shares by oil pipeline monopoly Transneft, First Vice President Maxim Grishanin said at a conference call on Tuesday.

“We indeed offered to buy our shares back. This was not supported by the government, our key shareholder, and the opinion of the key shareholder on the matter has not changed,” Grishanin said.

Transneft said in October 2018 that it planned a 20 billion ruble three-year buyback program. Grishanin said that the company could approve an option program for executives in the framework of the buyback in 2019.

(64.4097 – U.S. $1)

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