Rosneft plans to keep on paying 25% div - Sechin
MOSCOW. June 20 (Interfax) - Rosneft plans to pay 25% of net profit in dividends on a constant basis, the oil producer's president, Igor Sechin, said at the company's annual shareholders meeting.
"I remind you that we planned to pay 3.45 rubles a share for 2011. This instruction [by the Russian president] will enable us to pay 7.53 rubles, or twice as much, and we plan to keep payments at this level on a constant basis," Sechin said.
Dmitry Avdeyev, a company vice president, said 43.2 billion rubles would be earmarked for the additional dividends which, together with what had already been proposed, would constitute 25% of net profit.
He said additional directives and a decision by an extraordinary shareholders meeting would be needed to approve the decision.
Rosneft has paid dividends on the basis of net profit to Russian Accounting Standards (RAS). This was 384 billion rubles in 2011, so if 25% of this is to be paid, the dividend per share would work out at 9.05 rubles.
