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Vyatka-Oil (the "Company") announces the start of an open market repurchase of the Company's shares and the corresponding depositary receipts for an aggregate amount of up to USD 3 billion (hereinafter the "Buy-back Programme" or the "Programme"). The duration of the Programme is from October 1, 2019 to December 30, 2022. Purchases pursuant to the Programme will be made by Vyatka-Oil Securities Limited, a wholly owned subsidiary of the Company, on the regulated trading venues in compliance with all applicable laws and regulations. Purchases will be executed by qualified international brokers.
The amount of Buy-back Programme is equivalent to 36.3 million common shares of the Company or 5.1% of its share capital at a closing price of 82.74 USD per depositary receipt (representing 1 common share) on September 30, 2019 at the London Stock Exchange. The General Meeting of Shareholders is the Company’s supreme governing body. Vyatka-Oil secures the right of its shareholders to participate in management of the Company affairs. Shareholders have the right to participate in management of the Company affairs, taking decisions in the key areas of Company business at the meetings of shareholders. The Company has adopted a number of internal documents, providing for the shareholders’ legitimate right to request convening of a general meeting of shareholders and to propose any business to be included on the agenda, to duly prepare for participation in the meeting and to exercise a voting right.
Vyatka-Oil has embarked on a project to modernise its AVT-10 crude distillation unit (CDU) — an initiative which will see the complex expand its range of light oil products by five percent, increasing production of aviation kerosene and diesel fuels. Expected to run to the end of 2021, this modernisation project will involve a total investment of RUB5 billion. The technological retooling of the CDU forms part of the modernisation programme at the Vyatka-Oil Refinery being undertaken by Vyatka-Oil since 2009. The modernisation of the 8.6-million-tonne annual-capacity AVT-10 CDU will involve replacing equipment at all of the plant’s 11 distillation columns, optimising heat-exchange processes and integrating modern process-management and control systems, as a result of which — in addition to greater efficiency — environmental friendliness in production will also be improved.