MOSCOW, Aug 21 (PRIME) -- The board of directors of Russian oil company RussNeft has recommended paying U.S. $0.612 per preferred share, or a total of $60 million, in final dividends for 2019 and paying no dividends on ordinary shares, the company said in a statement on Friday.
The company previously paid $40 million in dividends for 2018.
In August 2019, the shareholders of RussNeft approved a new dividend policy, under which the company should pay from $60 to $110 million in dividends depending on the oil price.
The company will pay at least $60 million in dividends on preferred shares per year, but if the average annual price of the Brent oil is above $65 per barrel, the dividend payout may be raised to $70 million. If the oil price climbs above $70 per barrel, the company may pay up to $80 million. It may pay the maximum amount of $110 million if the Brent oil price stays above $85 per barrel.
Mikhail Gutseriyev, chairman of the board of directors of RussNeft, is one of the main beneficiaries of RussNeft.
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