Orsk Oil Refinery could triple dividends for 2011
ORENBURG. May 25. (Interfax) - OJSC Orsknefteorgsintez (the Orsk Oil Refinery) plans to earmark 16.603 million rubles, or 3% of net profit, for 2011 dividends, practically triple the amount paid out for 2010, the refinery said in a statement.
The company's board of directors has recommended that shareholders at their annual meeting on June 27 approve dividends only for preferred shares, based on a calculation of 13.93 rubles per share of par value 0.2 rubles each. It recommended that 97% of Orsknefteorgsintez's net profit be left unallocated.
Last year, the refinery posted 553.273 million rubles in net profit.
For 2010, the Orsk Oil Refinery set aside 5.399 million rubles for dividends, which were paid only on preferred shares - 4.53 rubles per share of par value 0.2 rubles each.
According to the agenda for the annual meeting, shareholders will review the company's annual financial statement and accounting report (including a report on profits and losses), elect the board of directors and audit committee, approve an auditor for 2012, and consider interested-party deals.
The list of shareholders with the right to participate in the annual meeting was compiled on May 21.
Orsknefteorgsintez is the leading oil refinery in the Orenburg region. The facility can refine 6.6 million tonnes of oil a year.
The refinery has charter capital of 953,497 rubles divided into 3,575,615 ordinary shares and 1,191,870 preferred shares of par value 0.2 rubles each.
Oil company Russneft sold Orsknefteorgsintez to various foreign investors last summer. At present, Cyprus-based Sermules Enterprises owns 92.2% of the refinery's voting shares. The owner of 100% in Sermules is Virgin Islands-registered Cipation Holding Ltd, which belongs to the son of Kazatomprom's chief, Igor Skholnik.