April 19, 2011
Rosneft Announces Share Repurchase Program
Rosneft today announced the start of preparations for a share repurchase program, including the targeted acquisition of shares by Company management. In addition, the Company disclosed RN-Razvitiye’s purchase of 11,296,701 Rosneft shares on the stock market.
The volume of the repurchase program will amount to USD 100-200 million. RN-Razvitiye’s purchase of shares in the amount of USD 104 mln on 13 April 2011 was the first step in this direction.
Also, Rosneft’s President and two members of the Management Board announced that they had purchased Company shares in the amount of USD 27 mln. These acquisitions reflect Rosneft management’s firm view that the Company as well as its prospects for growth are substantially undervalued by the market.
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April 19, 2011
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