PRESS: Russia’s Rosneftegaz to pay 50% of net profit in 2015 divs

MOSCOW, Apr 29 (PRIME) -- Russian state oil and gas holding Rosneftegaz will pay 50% of its net profit in dividends for 2015, business daily Vedomosti reported Friday, citing several government officials.

According to a recent ruling, a state company must take the highest figure of its net profit – under Russian Accounting Standards (RAS) or under International Financial Reporting Standards (IFRS) – and allocate no less than 50% of the net profit for dividends.

CEO of Rosneftegaz’s affiliate, oil major Rosneft, Igor Sechin asked authorities to reduce this requirement for Rosneftegaz to 25% of the net profit under RAS as it could help Rosneft implement its investment program, fulfill construction plans under Zvezda shipyard project and build a power facility in the Kaliningrad Region without borrowing.

President Vladimir Putin earlier approved lower dividend requirements for Rosneftegaz but “the outlook for the situation with the budget has changed in this period (between Putin’s resolution on the letter by Sechin and the government’s order to raise the dividend rule). They have reassessed it and understood that the budget will not do without the money of Rosneftegaz,” one of the officials said.

The government will likely to receive 36 billion rubles if Rosneftegaz pays 50% of the net profit in dividends, Vedomosti reported.

An order concerning the company’s dividends will likely be signed by Deputy Prime Minister Arkady Dvorkovich before Sunday, an official said.

(65.1133 rubles – U.S. $1)

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