No govt directive to raise Rosneft dividends yet - Energy Minister
MOSCOW. July 10. (Interfax) - Russian governmental bodies have not yet prepared a directive on raising Rosneft's dividends, Energy Minister Alexander Novak told journalists.
"They haven't yet given such a directive, but they have already received the corresponding proposal," he said.
Deputy Prime Minister Arkady Dvorkovich said that authorities such as the Federal Property Agency (Rosimushchestvo) and Economic Development Ministry do not have any observations to make about the proposal to increase Rosneft's dividends.
"We don't see any obstacles in this issue," he said.
As reported, President Vladimir Putin suggested to Rosneft President Igor Sechin that the company boost dividend payouts from their current level of 11.5% of net profit to International Financial Reporting Standards (IFRS) to 25% of net profit to IFRS, or 7.53 rubles per share. Meanwhile, back in April, the state-owned oil company's board of directors put together recommendations to pay out 3.34 rubles per share in dividends.
At their annual general meeting, Rosneft shareholders approved dividends at 3.45 rubles per share and decided to make the remaining payments in the form of additional dividends, possibly at 4 rubles per share.
After the meeting, Rosneft said that it had already sent a request to the government to prepare directives on boosting 2011 dividends to 25% of net profit to IFRS.
