27 May 2014 12:11

Transneft could pay 70% of 2013 profit as dividends

MOSCOW. May 27 (Interfax) - Directors at Transneft have recommended dividends of 1,221 rubles on ordinary shares and 724.21 rubles on preferred shares for 2013, the oil pipeline operator said in a statement.

The company could pay shareholders 7.9 billion rubles in total or 70.16% of net profit.

Transneft's net profit to Russian Accounting Standards (RAS) in 2013 amounted to 11.26 billion rubles.

Transneft paid dividends of 4.865 billion rubles or 685.1 rubles per share for all types of shares for 2012.

Transneft plans to start paying 25% of consolidated profit beginning from 2016, while observing a number of financial conditions.