Russia’s Transneft waiting for government decision on dividends

MOSCOW, Apr 27 (PRIME) -- The board of directors of Russian oil pipeline monopoly Transneft has failed to decide on dividends for 2015 because the government has not provided instructions to the state-run company yet, Energy Minister and chairman of company’s board of directors Alexander Novak told reporters on Wednesday.

“We have decided to take into account distribution of a net profit. As for dividends, a decision has not been made until we get a government order,” Novak said.

According to the ruling recently signed by Prime Minister Dmitry Medvedev, a state company should 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.

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