Sechin already in discussions with Dvorkovich about preparing directive for Rosneft dividends
ST. PETERSBURG. June 21 (Interfax) - President of Rosneft , Igor Sechin, has already been in discussion with Deputy Prime Minister Arkady Dvorkovich about preparations for a government directive for paying additional dividends to the oil company's shareholders.
"I was in conversation with Arkady Dvorkovich yesterday. I reported to him on the results of the meeting [annual shareholders meeting]. We discussed how to implement the Russian President's instructions for increasing dividends [to 25% of net profit]. The necessary government decision should be made in the coming days," Sechin said on the sidelines of the St. Petersburg International Economic Forum.
Sechin did not specify when Rosneft's shareholder register for receiving additional shares might be closed.
"I will say that all decisions will be made in accordance with legislation," he said.
It was earlier reported that Russian President Vladimir Putin presented a proposal to Sechin about increasing the Rosneft dividend payout rate from its current 11.5% of net profit according to international financial reporting standards (IFRS) to 25%, or 7.53 rubles per share. However, the company's board of directors already prepared a recommendation in April for a payment of 3.34 rubles per share.
The shareholders decided at their annual meeting on a dividend rate of 3.45 rubles per share with future remaining payments as additional dividends. The additional dividend rate might come to four rubles per share.
Following its annual shareholder meeting, Rosneft said that it already sent a request to the government for preparing a directive to increase 2011 dividends to 25% of the company's IFRS net profit.