Russia’s Gazprom to discuss share buyback

The board of Russian gas giant Gazprom will consider a possible buyback of shares and Global Depositary Receipts, the company said in a regulatory filing on Tuesday.

The board will convene on March 5 to discuss the issue.

Chief Financial Officer Andrei Kruglov told investors on Feb. 8 that a share buyback was unlikely in the next two years but may become possible after the Russian gas giant’s investments have reached their peaked during that period.

He added that Gazprom Group’s total investments were expected to be $27 billion this year.

Gazprom’s shares rose by 3.6 percent in Moscow by 0800 GMT, outperforming the broader market.

Source: Reuters (Reporting by Vladimir Soldatkin; editing by Louise Heavens)

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