OREANDA-NEWS. April 20, 2011. In addition to disclosing RN-Development’s purchase of 11,296,701 Rosneft shares on the stock market, Rosneft announced the start of a share repurchase program and the targeted acquisition of its shares by Company management, reported the press-centre of Rosneft.

The initial value of the repurchase program over the coming months will be USD 100-200 million. RN-Development’s purchase of shares in the amount of USD 104 mln on 13 April 2011 was the first step in implementing this program.

Also, today Rosneft’s President and two members of the Management Board announced that they purchase 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.