Lukoil says to spend over $1 bln on buyback program till 2020

MOSCOW, Sep 7 (PRIME) -- Russian oil company Lukoil will spend more than U.S. $1 billion on a buyback program until 2020, First Vice President Alexander Matytsyn told reporters on Friday.

“We plan to spend more than $1 billion on the program until next year’s end,” Matytsyn said.

He said that Lukoil has chosen Citi to be the buyback agent.

The company has no plans to borrow for the program, Matytsyn said.

Lukoil said in late August that it will make a $3 billion buyback from the open market from September 3 through December 30, 2022

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