Russia’s Lukoil to begin $3bn share buyback | Financial Times:
Russian oil company Lukoil on Thursday announced the start of its $3bn share buyback program, part of a slew of recent investor-friendly initiatives by the country’s energy groups.
Russia’s oil and gas majors have cashed in over the past year as oil prices have risen and the rouble has weakened, mainly due to geopolitical tensions with the west.
Energy companies have been the star performers on the Moscow stock market this year, with the market’s oil and gas index up 35 per cent so far in 2018. The divergent fortunes of oil prices and the rouble — which had previously moved roughly in tandem — means that a barrel of crude today sells for around Rbs5,300, versus Rbs3,000 a year ago.
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