LUKOIL by the end of 2015 will direct on dividends of RUB 150 billion.

The Board of Directors of LUKOIL on Monday recommended that the shareholders ‘ meeting to allocate to dividends by the end of 2015 117 rubles per share, or record 150,5 bn (this amount includes already paid RUR 55.3 billion of interim dividends), the company said. This is 51.7% of net profit under IFRS. The meeting will be held in Perm on June 23.

The Board also proposed changes in dividend policy, which must be approved before the end of the year: payments to shareholders must be priority in the allocation of cash flow, and their sum is not less than 25% of IFRS net income, and net income may be adjusted by the amount of non-recurring expenses and income. In addition, the company will strive to increase annually the amount of dividends not less than the level of ruble inflation rate during the reporting period, determined by the Rosstat.

Since 2003, LUKOIL directs on dividends not less than 15% of net income according to US GAAP (starting from 2015, the company switched to IFRS). In recent years the company has paid more: according to the results of 2013, shareholders received 36.5% of net profit, in 2014 — 49% (131 billion rubles, or $2.3 billion).