MOSCOW, Mar 23 (PRIME) -- The board of directors of Russian oil major Rosneft has approved easing the procedure of the company’s share buyback program, but kept the dates and the amount intact, Rosneft said in a statement on Monday.
“The Board of Directors of Rosneft Oil Company decided to change the terms of the open market share buyback program also covering depositary receipts,” the company said, adding that it decided to simplify the procedure and lift some limitations due to the high volatility of the oil markets.
“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 the timeline and volumes of the program,” the company said.
Rosneft will publish the buyback data on a weekly basis.
The board approved the U.S. $2 billion buyback program in 2018, and planned to carry it out until the end of 2020.
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