Rosneft CEO: no grounds for share buyback now - Ifax

(Adds quote)

MOSCOW, Sept 12 (Reuters) - Igor Sechin, chief executive of Russia's top oil producer Rosneft, said that current market conditions did not favour a share buyback, Russian news agencies quoted him as saying on Wednesday.

"It (a buyback) will depend on fluctuations in the share price. For now I don't see any forecasts for such fluctuations which would allow (us) to begin," Interfax quoted Sechin as saying.

Last month, Rosneft's board of directors had approved the structure and outline of a share buyback programme amounting to up to $2 billion. The programme will run until the end of 2020 and Rosneft may cancel some of the shares if necessary.

(Reporting by Katya Golubkova, editing by Louise Heavens)

2018-09-12 10:32:58

© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.