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Russia's state-run oil giant Rosneft has started buying back its shares from the market and plans to initially spend $100-200 million for that purpose, the firm said on Tuesday.
"Also, Rosneft's president and two members of the management board announce that they had purchased company shares in the amount of $27 million," Rosneft said in a statement.
"These acquisitions reflect Rosneft management's firm view that the company as well as its prospects for growth are substantially undervalued by the market."
Rosneft said its subsidiary RN-Razvitie had raised its stake in the parent company to 9.53 percent from 9.44 percent for $104 million on April 13.
In January, Rosneft and BP signed a share swap deal under which under which BP will swap 5 percent of its shares for a 9.5 percent stake in Rosneft. The companies also agreed to develop Russian Arctic together, but both parts of the contract are frozen by AAR, the Russian shareholders in TNK-BP, BP's local joint venture.
Source: RIA Novosti
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