Rosneft doesn’t rule out buyback for capitalization increase, but this is not a priority

Rosneft doesn’t rule out a  buyback for the increase in its capitalization , but this method is not a priority for the company, head of the Russian oil company, Igor Sechin stated to journalists.

“We are aimed at investment into our strategic projects. We have enough things to do, but we can use a buyback, if it is necessary. But this method is not our priority,” – he said.

Sechin emphasized that since accession of new management of the company (May of 2012), Rosneft shows the best dynamics in the sector not only in Russia, but also in comparison with the largest comparable companies abroad. “We don’t use artificial methods to increase our capitalization, but focus on industrial activity, the implementation of new projects and an improvement of the financial rates that is clearly proved by our results,” – he noted. At the same time, Sechin noted that the state’s tax policy also influenced the company’s capitalization. He expressed hope that the tax manoeuver for the oil industry won’t have an impact on the fulfillment of quadrilateral agreements on upgrade of oil-processing facilities.