Shareholders of Russia’s largest state-run oil company Rosneft decided at their annual meeting on Wednesday to pay 25 percent higher dividends for 2011 compared with 2010.
Dividend payments for 2011 will total 36.564 billion rubles ($1.125 billion) or 3.45 rubles per share, which amounts to 15.4 percent of Rosneft’s non-consolidated net profit under Russian Accounting Standards that are used to calculate corporate dividend payments.
At the same time, Rosneft President Igor Sechin said on Wednesday at the company’s annual shareholders’ meeting the company will pay additional dividends for 2011 to bring up dividend payments to 25 percent of profits and keep paying such dividends thereafter.
“We support this suggestion and if for 2011 we planned to pay 3.45 rubles per share, this…allows us to pay a dividend of 7.53 rubles a share, or 25 percent of profit and more than twice what was previously planned. And we’ll keep that level permanently,” Sechin said.