Transneft Board of Directors will discuss recommendations on the dividends on May 26

Transneft Board of Directors will discuss at the session on May 26th with recommendations on the volume, form and mode of payment of the annual dividends. They failed to agree the recommendations on the dividends due to lack of the governmental directive on the issue. According to the company’s materials, Transneft can increase dividends for 2013 by 4.8% to 5.1 billion rubles. The dividends for 2012 increased by 1.7 times versus 2011 to 4.865 billion rubles that was 45.7% of net profit by RAS.

The controlling shareholding of 78% in Transneft belong to the state. In 2013, it increased net profit by RAS by 5.7% to 11.26 billion rubles and reduced net profit by ISA by 14.3% to 158.017 billion rubles. Thus, the dividends for 2013 can be 45% of net profit by RAS and only 3.2% of net profit by ISA

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