Rosneft today announced the start of its share repurchase program, including the targeted acquisition of shares by Company management. In addition, the Company disclosed RN-Razvitie’s purchase of 11,296,701 Rosneft shares on the stock market.

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

Also, Rosneft’s President and two members of the Management Board announce that they had 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.