Novatek Extends Buyback Programme

The management board of Russian gas producer Novatek have opted to extend the company's share buyback programme by a year until June 7 2021.

Novatek's board of directors in June 2012 approved a one-year plan to buy up to $600mn in shares and the programme has been repeatedly extended since then. The latest extension comes as many oil and gas companies are suspending their buyback programmes to save cash, including Novatek's Yamal LNG partner, France's Total.