Lukoil says to start buying back shares from market soon

MOSCOW, Jul 19 (PRIME) -- Russian oil major Lukoil plans to launch a buyback of its shares from the open market very soon through subsidiary Lukoil Securities Limited, Lukoil said on Thursday in a statement quoting CEO Vagit Alekperov.

“We are also getting ready to start a buyback of the company’s shares from the open market very soon, which is the most important component of our new policy of returning capital to our shareholders,” the company quoted Alekperov as saying.

Lukoil is currently finalizing technical parameters of Lukoil Securities Limited’s buyback of shares and depositary receipts and is choosing brokers. The company will develop the program until September 2018.

Previously, Lukoil’s First Vice President Alexander Matytsyn said that the buyback program may amount to U.S. $3 billion for the next five year.

End