Rosneft CEO supports raising divs to 50% of IFRS profit from 2017

SOCHI, Jun 22 (PRIME) -- Russian oil major Rosneft CEO Igor Sechin supported on Thursday an increase of the company’s dividends to 50% of net profit under International Financial Reporting Standards (IFRS) starting from 2017.

“I would also like to discuss with you under the presidential instruction the issue of raising dividend payments to 50% of IFRS net profit starting from dividends for the 2017 financial year. I want to express my opinion right away: I support such a decision,” Sechin said at a shareholder meeting.

Such a decision will have a positive impact on the company’s capitalization, he added.

“We will soon submit our proposals to the Russian government,” Sechin said.

Rosneft’s board of directors earlier recommended paying 63.377 billion rubles, or 35% of net profit calculated under IFRS, in dividends for 2016.

(60.0000 rubles – U.S. $1)

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