By Jaime Llinares Taboada

Novatek said Friday that it has approved a share buyback program for up to $1 billion.

The Russian gas company said the program is valid for five years.

"Approval of the new buyback program demonstrates the confidence of the board of directors in the company's business fundamentals and development prospects," chairman of the management board Leonid Mikhelson said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

12-17-21 0707ET