23 Jun 2011 11:38

Tatneft to reduce 2010 dividends by 23%

ALMETYEVSK. June 23 (Interfax) - Shareholders in OJSC Tatneft , at their annual meeting on Thursday, decided to pay 5.02 rubles per share (face value one ruble) for 2010 dividends, an Interfax correspondent at the meeting reported.

The shareholders will receive 11.679 billion rubles in dividends, or 30% of net profit for 2010. The bulk of the company's 2010 net profit will go to capital expenditures and production development.

The company paid 6.56 rubles per share for 2009's results. The total payment then came to 15.26 billion rubles (30% of 2009's net profit).

Tatneft, therefore, will reduce total dividends for 2010 by 23% in comparison with 2009.