Gazprom Said to Seek Exemption From Dividend Rule to Aid VEB
- Gazprom said to cite costs of potential share buyback from VEB
- State may support proposal on lower dividend, official says
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Gazprom PJSC is asking the Russian government for a waiver from a new rule on dividends because the natural gas supplier may need to preserve cash to help bail out the state development bank, according to an official with knowledge of the matter.
The energy company has asked the state to allow it to pay out less than 50 percent of its international-standard profit in dividends, two officials said, asking not to be identified as the information isn’t public. The government may support the request, according to one of the people. Gazprom said it may use the savings to buy its own shares back from the state lender, Vnesheconombank, the person said.