Rosneft Approves Extra Dividend After Putin Orders Higher Payout
OAO Rosneft, Russia’s biggest oil producer, approved an additional dividend of 4.08 rubles a share, boosting the payout to 25 percent of last year’s profit on the orders of President Vladimir Putin.
State-run Rosneft will more than double the total dividend for 2011 to 7.53 rubles a share, or 79.8 billion rubles ($2.6 billion) in total, the Moscow-based company said today in a regulatory filing after a board meeting yesterday. The company in April approved a 3.45-ruble payout.
Russia’s government signed a directive this month allowing Rosneft to raise dividends to 25 percent of net income from 11.5 percent. It’s seeking to bolster funds at the company’s majority shareholder Rosneftegaz, which may bid for energy assets as the state sells off businesses, according to Putin.
The president called on Rosneft Chief Executive Officer Igor Sechin to increase the dividend on June 15. Sechin is also board chairman at Rosneftegaz.
Rosneft shareholders will meet Nov. 30 in Khabarovsk, eastern Russia, to approve the additional dividend.
To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net
To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net
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