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The board will convene on March 5 to discuss the issue.
Chief Financial Officer Andrei Kruglov told investors on Feb. 8 that a share buyback was unlikely in the next two years but may become possible after the Russian gas giant's investments have reached their peaked during that period.
He added that Gazprom Group's total investments were expected to be $27 billion this year.
Gazprom's shares rose by 3.6 percent in Moscow by 0800 GMT, outperforming the broader market.