Rosneft may be able to increase its dividend payout and pay additional
dividend to its shareholders for 2011 to bring it to 25% of the
company's net profit, the oil giant's Chief Executive and President
Igor Sechin said Wednesday.
"We've calculated that this payment would not significantly hamper the
investment program. It (dividend increase) should be positively
received by the market and might provide a positive stimulus to our
capitalization," said Mr. Sechin at the company's annual shareholders'
meeting. His words were met by a burst of applause from the audience.
The company's net profit stood at $12.5 billion in 2011.
Sechin said he had asked Prime Minister Dmitry Medvedev to approve the
necessary documents so that the issue is brought up at an
extraordinary shareholders' meeting.
Russia's President Vladimir Putin suggested Friday that the company
may increase its dividend payout.
Mr. Sechin also said that if oil prices remain above $90 per barrel
and the tax regime is "favorable" the company may increase its
hydrocarbon output by about 4% till 2020, with a significant share of
the growth coming from natural gas.
Mr. Sechin said Rosneft is expected to produce 124 million metric tons
of oil in 2012.
Rosneft shares gained 1.2% to 202.25 rubles ($6.2) in the 30 minutes
after Sechin's words in Moscow amid a falling wider index.
(Olga Razumovskaya in Moscow contributed to the story)
-Write to Alexander Kolyandr at alexander.kolyandr@dowjones.com
(END) Dow Jones Newswires
June 20, 2012 05:55 ET (09:55 GMT)
No comments:
Post a Comment