The management of “Rosneft” recommended to send 35% of income for dividends

The Board of Directors of “Rosneft” recommended to the annual General meeting of shareholders to decide on dividend payment in the amount of 11 rubles 75 kopecks per one ordinary share reported on the company’s website.

Thus, to the payment of dividends the Board of Directors was advised to send 124.5 billion rubles, or 35% of net profit in accordance with IFRS.

The annual General meeting of Rosneft shareholders will be held in St. Petersburg on 15 June 2016, the report says.

According to RBC, the Ministry of Finance might go out again with an offer to earn extra income for the budget from oil companies through a change in the formula for calculating mineral extraction tax. From this idea was abandoned in the autumn of last year, but now that oil prices are at 12-year lows and the budget must come up with 1.5 trillion rubles, the discussion of the met resumed, said the source RBC. Later, Deputy Prime Minister Arkady Dvorkovich said that some agencies “propose raising dividend payouts from state companies, including in oil and gas sector”.

The representative of “Rosneft” Mikhail Leontiev said that the company does not determine the size of their dividends in favor of the state, it only performs the instructions of the authorities. By the end of 2014, “Rosneft” has directed on dividends 25% of IFRS net profit (87 billion rubles).

In April, “Interfax” reported that Rosneftegaz, which owns shares in Rosneft and Gazprom, will not increase the dividend and pay to the Federal budget no more than 25% of the profits. Later, Dvorkovich said that the final decision on dividend payment for Rosneftegaz is still pending.