Gazprom not planning on changing dividend policy
MOSCOW. June 29. (Interfax) - Gazprom is not planning on changing its dividend policy, the company's deputy CEO and head financier Andrei Kruglov said at the annual general shareholder meeting.
"This is a long-term policy," he said.
Commenting on shareholders' remarks on low dividend payouts, Kruglov said that Gazprom's dividend yield is almost 6% a year, which is at the level of major global companies.
"ExxonMobil has lower dividend yield," he said. After statements were made about possible changes to the Russian tax policy in the gas industry, Gazprom's capitalization plummeted by 20%, while NOVATEK's capitalization dropped by 30%. "I don't know if things will get easier for anyone because of that," he said.
Gazprom CEO Alexei Miller said that the company has 5.93% dividend yield, NOVATEK has just 1.94%, and Rosneft just 1.71%.
"Gazprom stock is a much more profitable financial instrument," Miller said.