Official: No final decision on 2015 divs of Russian state companies

ROME/WASHINGTON, Apr 18 (PRIME) -- The Russian government has not made a final decision on dividends of state-controlled companies, including holding Rosneftegaz, for 2015, the general principle is that 50% of the net profit should be paid, but individual decisions may be worked out, Deputy Prime Minister Arkady Dvorkovich told PRIME on April 16.

The Russian authorities plan to raise the threshold for dividends of state-run companies to 50% of their net profit already for 2015. Previously, media reported that Chairman of Rosneftegaz’ board of directors Igor Sechin asked President Vladimir Putin to approve the company’s dividends for the year at 25% of the net profit.

“A final decision has not been made yet. The general principle is 50%. Of course, some individual decisions are possible, but no final decision has been made,” Dvorkovich said, adding that several state companies have asked to cut their dividend payments to the state to less than 50% of the net profit as they have to implement investment programs and state rulings.

“(First Deputy Prime Minister Igor) Shuvalov is likely to hold a meeting on the issue. I know that there are individual wishes of different companies to pay less (dividends),” he said.

On April 15, Finance Minister Anton Siluanov said that the 50% threshold should be applied to all state companies and be in effect without any exceptions at least until 2019. “This will stimulate companies to operate efficiently, as shareholders should receive profit from owning stakes. So, I think that it should be kept for next three years,” he said.

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