CEO: Surgutneftegas sees dividends for 2018 higher than for 2017

MOSCOW, Jun 29 (PRIME) -- Russian oil and gas company Surgutneftegas expects its dividends for 2018 to be higher than the sum the company paid for 2017, CEO Vladimir Bogdanov said on Friday during an annual general meeting of the shareholders.

“The level of dividends for 2018 will depend on how much money we will make. So far, our results for the first half of the year are significantly higher than we had last year. So, I think that dividends will be higher,” he said.

He declined to say whether the company plans to raise the shareholder value through a buyback like oil majors Rosneft and Lukoil did, but said that such a decision is for the board of directors of Surgutneftegas to make.

In May, Surgutneftegas’ board of directors recommended paying 1.38 rubles per preferred share and 0.65 rubles per common share in dividends for 2017. For 2016, the company paid 0.60 rubles per common and preferred share, or a total of 26.507 billion rubles, in dividends.

(63.2910 rubles – U.S. $1)

End