CEO says Novatek to raise share of profit it pays as dividends

PETROPAVLOVSK-KAMCHATSKY, Aug 14 (PRIME) – The board of directors of Russian independent gas producer Novatek will discuss plans to raise the share of profit it pays as dividends on August 25, CEO Leonid Mikhelson told reporters on Friday.

 “The board of directors is to meet on the 25th. We said that we will definitely consider this issue. We will change it for the better,” he said.

In July, Novatek’s Deputy CEO Mark Gyetvay said that the company planned to raise the share of dividend payments, and discuss the issue at the next meeting of the board of directors. Currently, the company’s dividend policy says that it should pay at least 30% of the net profit calculated under International Financial Reporting Standards (IFRS) in dividends.

End %%md/jst%%