14 Apr 2010 16:46

Lukoil dividends for 2009 to exceed 50 rubles per share

MOSCOW. April 14 (Interfax) - Lukoil will pay dividends for 2009 topping 50 rubles per share, board chairman Valery Graifer told journalists during a presentation to graduates of the Gubkin Russian State University of Oil and Gas.

"Last year it was 50 rubles per share. It will be more now. I said they would not be worse, but better," he said.

Graifer added that the dividend issue would be decided at a board of directors meeting slated for April, at which preparations for the annual shareholders meeting would also be discussed. The meeting will take place at then end of June. The meeting agenda includes issues regarding oil refining, Graifer said.

For 2008, Lukoil's shareholders decided to pay dividends at 50 rubles per common share.

In accordance with a stipulation on Lukoil's dividend policy approved in 2003, total funds put towards dividend should come to no less than 15% of the company's US GAAP net profit. Lukoil's US GAAP net profit in 2009 came to 7.011 billion, down 23.3% than in 2008. The company's net profit according to Russian accounting standards (RAS) in 2009 decreased by 32.8% to 45.148 billion rubles.

Lukoil's vice president Leonid Fedun earlier confirmed that the company's dividends in 2009 would be equal to the 2008 level or higher. He added that Lukoil plans to earmark around 1.5 billion for dividends for 2009's results.