Korea Petroleum Industrial Co. Ltd. (KOSE:A004090) announces a share repurchase program. Under the program, the company will repurchase up to 8,000 shares for a total of KRW 804 million, which is based on the closing price of KRW 100,500 per share on December 11, 2016. The company will repurchase its shares through the Stock Exchange. The purpose of the share repurchase program is stock price stabilization and officer incentive payment. The maximum number of shares that the company may repurchase on any day is 800 shares. The actual amount for the repurchase may change according to the changes in the stock price. The share repurchase program is valid until February 10, 2017. As of December 11, 2016, the company had 2,324 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase.