Russian oil group Rosneft launches a share buyback

RUSSIA’S top crude producer, Rosneft, announced a share buyback programme yesterday as the company continues to negotiate its $16bn (£10bn) share swap deal with BP.

Rosneft said it will start with $100m to $200m worth of shares buyback in coming months, sending its share price up 1.7 per cent.

The company also said that its president, Eduard Khudainatov, and two management board members have bought $27m worth of shares.

Meanwhile, Russian Prime Minister Vladimir Putin said after his annual parliamentary address yesterday that both Rosneft and TNK-BP would benefit from co-operating with BP in its bid to explore oil deposits in the Arctic.

Rosneft last week agreed to extend the deadline for its landmark deal with BP until 16 May.