Russian independent oil and gas company PAO Novatek announced May 28 that it extended its share buyback program until June 7, 2020, keeping all terms unchanged.

Novatek's board authorized the repurchase of up to US$600 million of the company's shares in 2012 and voted in 2018 to extend it for another year. The shares will be repurchased at market prices by subsidiary Novatek Equity (Cyprus) Ltd.

As of May 28, 23.4 million shares, including those in the form of global depositary receipts, have been repurchased.